While a recent study reveals smartphones may have accounted for more eCommerce traffic than computers in Q1 2016, as reported by Bloomberg, mobile-checkout completion was lower than all other devices. And it may be due to cumbersome payment requirements and drawn out checkout times.
A recent study reveals that smartphones narrowly beat computers as the top eCommerce traffic source in the first quarter of this year, as reported by Bloomberg.
According to the study by eCommerce software provider Demandware, smartphones accounted for 45.1 percent of Web-shopping traffic, besting computers at 45 percent in the first quarter of 2016.
The study also showed that mobile-checkout completion is 11 percent lower than the combined rate of all other devices.
Demandware projects that by the end of 2017, customers will make more purchases using their mobile phone than any other device, according to the report. During that same time period, the research firm also estimates eCommerce visits via phones will increase to 60 percent.
Despite the increased cell phone use, many retailers are facing the challenges of offering shoppers a mobile platform that can meet their expectations. From having cumbersome and oftentimes unnecessary payment requirements to slow checkout times, there are a number of reasons why customers abandon their virtual shopping carts.
The PYMNTS.com Checkout Conversion Index examines the performance of 650 websites that account for 70 percent of eCommerce volume in the U.S. and found that retailers, overall, are ill-equipped to deliver a frictionless online – much less mobile – shopping experience. The Index reflects an overall “score” of 56 out of 100 – with only 7 merchants scoring above a 70. The failure to convert costs merchants $162 billion a year in lost sales opportunities.
With online shopping expected to evolve into a “mobile-only” environment in the coming years, retailers will need to adapt, offering quick and seamless checkout solutions to meet the high expectations of today’s consumer.
The Index suggests that mobile wallets like those created by Android Pay, Apple Pay and PayPal may also help merchants improve their virtual checkout experience, as is paying attention to the 4 blind spots that keep them from realizing their full online and mobile sales potential.
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