August 24, 2016
BlueSnap Measures Checkout Abandonment for Merchants
Feb. 1, 2016
Mobile and online payment provider BlueSnap tomorrow will announce a calculator and index to the public that will enable merchants to quantify how much revenue they are losing as a result of checkout abandonment. The Waltham, Mass.-based gateway provider said that while e-commerce sales are growing, merchants are losing more than 40 percent of potential online sales after customers hit “submit” at checkout. Merchants, according to BlueSnap CEO Ralph Dangelmaier, however, aren’t able to distinguish between conversion issues in their shopping cart before and after checkout.
“Everybody knows they have shopping cart abandonment, but they don’t know how to measure how much of that occurs after the payment process begins and what is causing it,” Dangelmaier said.
BlueSnap commissioned research that found 80 percent of the top 600 e-commerce sites in the U.S. had significant conversion problems due to friction, shopper confidence and declines. So, they created a conversion index that could identify what companies had a problem with checkout abandonment and how bad it was. Dangelmaier said when he began walking merchants through the index, it became apparent how many needed the information.
“There is a ton of attention paid to shopping cart abandonment and no one is talking about checkout abandonment. It’s not even defined,” he said. “We felt like we not only had the opportunity to define it, but give merchants a tool to measure it and an index to see if they’re doing OK.”