Measuring Friction in Today's Digital Checkout Experience
A poor online checkout experience could cause merchants to lose as much as 36 percent of sales - and even more during the payment processing experience.
PYMNTS.com, in collaboration with mobile checkout solution BlueSnap, released finding from their new Checkout Conversion Index (CCI), a quarterly report that benchmarks the performance of 650 merchants across 14 merchants categories against 46 attributes that define the optimal online shopping and checkout experience. The index essentially aims to understand what is causing checkout conversion issues and what merchants can do to eliminate them.
Some interesting results from the CCI include:
+ The best sites deliver results in a speedy 134 seconds – just over two minutes.
+ 93% of the best sites provide trusted security logos when checking out to let their customers know that they care about their financial data and will safeguard it.
+ Size doesn't matter: the average Index ranking between small and large companies was relatively similar.
The first CCI Index score is a 62, which means that in terms of converting shoppers to buyers, the average eCommerce site is performing only slightly better than average. Website Magazine will keep close tabs on the CCI moving forward as it, over time, could be a great way to understand how internet retailers are improving in converting shoppers to buyers over time.