Blindsided by Abandoned Shopping Carts?
You’ve done it. At some point you’ve filled your shopping cart online and are ready to check out. Then something happens. The transaction takes more time than expected, you get frustrated and abandon that online retailer altogether.
If you haven’t been there, you’re either extremely fortunate or much more patient than the rest of us. According to KISSmetrics, 47% of consumers expect a web page to load in two seconds, and 40% will abandon a site altogether if it takes more than three seconds. Those abandonment numbers are even more staggering for those shopping on mobile devices (57%!), a trend that continues to grow at a remarkable pace every year.
Given that baseline, you can imagine the expectations when it comes to completing a transaction. Once a customer decides to purchase something and has taken the time to enter their payment and shipping information, every millisecond counts. According to the Aberdeen Research Group, even a 1 second delay translates into a 7% reduction in conversions. If you’re a few seconds off the mark, you’ve just given up more than a quarter of potential sales. Worse yet, those that leave are likely going to a direct competitor, nearly a third of whom will never come back according to other research.
It doesn’t have to be this way. And if you want to keep your business healthy and your customers coming back for more, it can’t be.
When you shop for a fraud solution, remember that speed is just as critical as the protection it provides. More importantly, you don’t have to sacrifice one for another. Look for solutions that integrate all aspects of protection and features within one system. Systems that rely on third party partners for select services are simply another speedbump in the transaction process, and those systems are only as strong as the weakest link. And if the weakest link adds a second to your transaction, good luck.
Better to find a solution that delivers in milliseconds.