Ecommpay and IMRG reveal strategies to boost check conversions

Ecommpay and IMRG have released a report that reveals key strategies for improving e-commerce check conversion rates.

Entitled ‘E-Commerce Checkouts: UK Retailers Reveal Their Checkout Strategy and Performance’, the report examines the factors affecting check conversion among UK retailers. It also reveals that while the overall average conversion rate is at 58%, single-page checkouts outperform at 61%, compared to multi-page checkouts at 56%.

Additionally, checkout rates vary significantly between guest shoppers (52%) and registered users (64%), with 59% of orders coming from guest accounts. These insights suggest that improving guest checkout experiences can increase overall conversion rates.

Key results on conversion and checkout features

The report outlines a number of trends and statistics that shape checkout performance:

• Average conversion rates are significantly higher for single page checkouts (61%) compared to multi-page checkouts (56%).
• Payment options show that credit and debit cards account for half of all revenue, with the other half spread across various alternative payment options.
• Retailers that offer more Checkout options see higher conversion rates, with those that provide four quick options achieving an average conversion rate of 67%.
• Only around 50% of retailers currently offer localized payment options, which can limit accessibility for international customers.

Additionally, data from the IMRG retailer network shows that customers who abandon the checkout process do so after about 90% of the average checkout time. This abandonment pattern highlights the need for optimized ticking processes to retain potential buyers.

Check Challenges and Areas of Improvement

The report highlights that checkout functionality remains a significant sticking point for most retailers. Only three retailers surveyed reported no problems with their checkout systems. The most frequently cited challenges were limited functionality and technical performance issues, including slow load times and website crashes. Retailers also cited the absence of widely used payment options such as Google Pay and Apple Pay, as well as a general shortage of other payment methods.

Ecommpay representatives noted that checkout conversion rates of just over 50% leave a lot of room for improvement. They highlighted that many customers abandon their purchases near the end of the checkout process, suggesting a need for improvements to the payment experience. They also suggested that a fully integrated Payment Service Provider (PSP) solution could improve customer options and streamline the checkout process, ultimately improving operational efficiency.

Ecommpay recommendations for optimized e-commerce checkout

The report concludes with some recommendations for improving check conversion rates. One important approach is to simplify the experience by incorporating preferred payment methods specific to the region. According to Ecommpay, reducing bounces is also key, and abandonment rates can be significantly lowered by embedding payment options directly on the checkout page.

The report also recommends adding a ‘try again’ option to encourage customers to continue after a declined transaction, helping to retain potential sales. Another priority is choosing a payment service provider (PSP) with comprehensive, single-integration support, especially one that offers Open Banking, Buy Now, Pay Later (BNPL), and payment instrumentation solutions.

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