According to a new survey by Stripe, having a working checkout system for your online store can be the difference between making a sale and customers leaving items in their shopping carts.
The payment processing firm partnered with management consulting firm Edgar, Dunn & Co to study 800 ecommerce businesses in France, Germany, Italy, the Netherlands, Poland, Spain, Sweden and the UK. The e-commerce sites of these businesses were then tested across 26 different criteria related to checkout form design, mobile optimization, localization and buyer confidence and security.
According to Stripe’s new “The State of European Checkouts in 2021” report, 94 percent of top European ecommerce businesses had at least five basic checkout errors, adding to unnecessary friction for customers and possibly decreased sales. Is. Some of the most common issues discovered by the report include poor card information formatting and error handling, not offering popular payment methods and not allowing customers to save their payment details for future use.
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Of the surveyed European customers, nearly 40 percent said they had doubled or doubled the amount of online purchases they made in the past year. While the increased demand can be a huge opportunity for online businesses, it also puts additional pressure on them to be able to take advantage of it successfully.
Checkout should be fast and smooth
European customers expect a fast and seamless payment experience and nearly a quarter (21%) of respondents said they would give up on a purchase if it took more than a minute to check out. While 44 percent of those surveyed said it took more than three minutes to complete an online purchase, on average, 17 percent blamed a long and complicated checkout because they’ve dropped orders in the past year.
Some interesting details from a previous study commissioned by Stripe include the fact that auto-completion of addresses using specific error messages can increase conversions by about 0.8 percent, which can increase retrieval rates. For example, shoppers are less inclined to try a new card after seeing the message “Your card was declined”, while they are less inclined to do so after seeing “Your card was declined”. Try a different card”.
When it comes to top checkout form errors, 42 percent of businesses made at least three mistakes when formatting payment information or displaying error messages, 61 percent didn’t support autocomplete, 10 percent didn’t checkout customers. Not allowed to use your billing. The address was by default as their shipping address and 75 did not allow customers to save their payment information for future use.
As consumers now shop more on their smartphones, 58 percent of respondents said it is either “very” or “extremely” important for an online store to be mobile-friendly. Customers are more likely to abandon their shopping carts if the checkout page doesn’t automatically adjust to the size of the device they’re using. While more than 50 percent of ecommerce traffic now comes from smartphones, carts are twice as abandoned on mobile as they are on desktops.
Whether you have just started your online store or have been running it for some time now, ensuring that your checkout experience is the best it can be as well as error free will lead to more sales and happy customers.
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