A new study reveals several blind spots for larger merchants when it comes to converting online shoppers into buyers at checkout.
The latest PYMNTS.com/BlueSnap Checkout Conversion Index shows an improvement of three points to 56.4 from Q1 2016 to Q2 this year. Only 10 websites scored an “A” (75-plus), 162 earned Bs (65-75), and nearly 40 percent tallied either a D or an F.
The report revealed four blind spots that get in the way of a stronger performance by these larger retailers. These blind spots include:
• the lack of relevant data (the data blind spot);
• a lack of a having a checkout conversion strategy (the strategic blind spot);
• the reliance on in-store POS partners to deliver an eCommerce and mobile checkout experience (the hardware blind spot); and
• an unrealistic expectation of omnichannel at the expense of perfecting a multichannel experience first (the omnichannel blind spot).
Average checkout times were 22 seconds faster for all merchants than the previous quarter.
The top 30 retailers had an average online checkout time of 146 seconds, which is nearly 30 percent faster than average.
The average online checkout time for the biggest retailers was 197 seconds, which is 41 seconds slower than the smallest merchants.
The study examines the performance of 650 websites that account for 70 percent of eCommerce volume nationwide each quarter and over the last three quarters has compiled more than 10,000 data points that support these insights.
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