Clunky checkout processes killing online conversions, Stripe
Some of the UK’s top e-tailers are losing millions of pounds due to online check errors, according to Stripe research. The online payment processor analysed 100 e-commerce sites and found that 82 had three or more errors in the checkout flow, with the average being 4.3. Additionally, only 30% blocked the entry of expired cards and 35% failed to provide a numerical keypad for credit card entry.
The research also found a mixed performance on mobile. 96% of sites resized their checkout experience for smartphones etc. However, 35% of those tested failed to provide a numerical keypad for credit card entry. “Tweaks to the checkout flow can have a significant impact on conversion rates; in the case of the 150,000 Shopify businesses who switched on Apple Pay last year, they say mobile conversion rates double after offering it as an option to customers in app,” Stripe says.
Jordan McKee, Principal Analyst at 451 Research, comments: “A streamlined checkout flow that optimises based on context is essential for businesses to increase conversions and ultimately build lasting relationships with their customers. Unfortunately, designing a customised purchase experience that minimises friction has traditionally been a resource-intensive process fraught with complexity. With Elements, Stripe looks to break this paradigm by democratising access to a fast, customisable and fully PCI compliant checkout flow with minimal implementation effort.”