Ecommpay and IMRG study finds multiple checkout challenges and limitations create barriers and restrict conversions

A new report from Ecommpay and IMRG, 'eCommerce Checkouts: UK Retailers Reveal Their Checkout Strategy and Performance', has revealed the key checkout changes that could boost conversion rates. While the average conversion rate stands at 58%, there is a significant distance between rates for single-page (61%) and multi-page checkouts (56%) as well as between guest shoppers (52%) and registered customers (64%). With 59% of orders placed by guest customers, improving the guest checkout experience could considerably improve overall conversions.

Key findings

Insights in the new report were gathered directly from IMRG’s diverse retail community, from varying product categories, market tiers and retail types. Available to download from IMRG, the report provides actionable advice that can help merchants enhance their customers' purchasing journey, reduce basket abandonment, and boost conversion.

The study found that conversion rates are also impacted by the number of Express Checkout options available to buyers. Retailers providing customers with just one Express option achieve 54% conversion – not far above the 52% of those with no such options – whereas those with four Express Checkout options reach a far higher average conversion rate of 67%.

When asked what challenges merchants find with their checkout experience, just three of the respondents reported having no checkout challenges, highlighting that most checkout processes do need attention. The most common barrier, cited by almost half of respondents, was ‘limited functionality/capabilities’, closely followed by ‘performance challenges’. Another issue is the lack of Google Pay or Apple Pay options, while some retailers said a lack of alternative payment methods was a challenge. It is clear that retailer conversion rates are impacted by a lack of essential features, technical issues such as slow loading times and website crashes, and overall inefficiency.

“The insights in this report will provide those responsible for checkout conversion with some pause for thought,” commented Moshe Winegarten, Chief Revenue Officer, Ecommpay. “With the average conversion rate sitting just above half, there is plenty of room for improvement. And with the average checkout abandonment occurring at nearly 90% of the typical length to complete payment, the focus needs to be placed specifically on the payment experience.

“An integrated PSP solution that builds all aspects of the payment experience into one full stack can consolidate consumer choice and checkout flow, as well as improve operational efficiency. Working with a payment provider like Ecommpay that can facilitate switching to more express payment options easily will have operational advantages and improve checkout conversion. The key is to select a payment provider capable of scaling globally, with access to a huge range of payment methods. Then merchants will benefit from increased authorisation rates and drastically decreased transaction costs.”

Ecommpay’s top tips for improving eCommerce checkouts: