New research from Stripe, the digital payments platform founded by John and Patrick Collison, found that 95% of the leading e-commerce sites have five or more errors on their checkouts.
Even some of the biggest online stores are making rookie errors when it comes to e-commerce and as a result are leaving money on the table if frustrated shoppers walk away.
New research from Stripe, the digital payments platform founded by John and Patrick Collison, found that 95% of the leading e-commerce sites have five or more errors on their checkouts.
“An error-ridden checkout is like driving with the handbrake on: it’s completely avoidable and slows your business down”
This is compounded by the realisation that 60% of shoppers say they will abandon a transaction if it requires more than two minutes to process.
80% of online shoppers will abandon a purchase if their preferred payment method isn’t offered.
The state of checkouts
Stripe reviewed 1,600 leading ecommerce sites and surveyed 1,600 consumers about their online shopping preferences. The report, “The state of checkouts in 2022,” shows how eradicating basic errors will enable businesses to make more money for less effort—a simple, efficient way of boosting sales during the economic downturn.
“People expect simple checkout processes. One too many inconvenient clicks, or a payment that doesn’t work, and we’ve lost a sale,” said Peter Bodum, ecommerce manager at kitchen and household accessories maker, Bodum, which has recently turned to ecommerce as its primary distribution channel.
In North America, only 40% of sites support one-click checkout, though 75% of consumers are more likely to complete a purchase if it is offered.
In Europe, more than one-third of checkouts permit users to submit payments with invalid card numbers.
In Asia-Pacific, 45% percent of websites allow customers to attempt to pay with an expired card, increasing the likelihood of payment errors.
Stripe offers businesses two ways to improve their checkout flows. Stripe Checkout is a prebuilt, Stripe-hosted checkout that businesses can customize to their brand.
Businesses that want a more bespoke payment flow can use Stripe Elements, prebuilt component parts they can insert into their own checkout pages. Both Checkout and Elements make it easy for businesses to provide customers with a friction-free checkout, including one-click purchasing with Link, 50 payment methods, and 135 currencies.
“An error-ridden checkout is like driving with the handbrake on: it’s completely avoidable and slows your business down,” said John Collison, co-founder and president of Stripe.
“Fixing checkout errors is easy and delivers more revenue instantly.”
Main image: John and Patrick Collison, founders of Stripe
