A new study rom Shopify and Boston Consulting Group sheds light on what turns online shoppers into paying customers. It's based on analysis of more than 220,000 eCommerce sites and more than 1 billion data points.
It uncovers six key areas of online conversion optimization that retailers can directly influence. Here they are:
1) Traffic source (organic channels such as word-of-mouth / social media recommendations are more effective than paid channels in overall conversion rate)
2) Basket building (carts that contain more than 5 -10 items tend to yield higher conversion)
3) Checkout experience (checkouts that move customers directly from the product detail page to the checkout flow will increase the number of checkouts started by 18%)
4) Payments (accelerated digital payment methods increase lower funnel conversion rates by 50%+)
5) Customization (obvious product gateways & uncluttered pages achieve higher conversion rates)
6) Performance (conversion rate increases significantly if customers can complete the full checkout process in less than 90 seconds).
Read the full study here.
