A new study shows online sales may top $105 billion this holiday season, but merchants are missing out on making nearly $38 billion more due to the frictions that remain from discovery through checkout.
These are the findings of the new Checkout Conversion Index by PYMNTS in collaboration with BlueSnap.
The Index is a quarterly report that benchmarks the performance of 650 merchants across 14 merchant categories against 46 attributes that define the optimal online shopping and checkout experience. The Index provides insight into what’s causing checkout conversion issues, as well as what merchants can do to overcome them.
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.
• The best sites deliver results in a speedy 134 seconds – just over two minutes.
• Size doesn’t matter: the average Index ranking between small and large companies was relatively similar.
• 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.
• The Automotive Parts & Accessories industry came in with the highest score of 91.
For data, background and forecasts on eMerchant Payments: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).