Stripe has launched a report on the State of European checkout in 2022.
As a part of the study, Stripe partnered with EDC to analyse the checkout flows of the top ecommerce and subscription businesses and also surveyed European consumers to uncover insights around current shopping behaviours and trends, payment preferences, and factors that affect the checkout experience.
We found that 91% of European ecommerce sites had at least five basic errors in their checkout flows. These include not offering popular payment methods and not allowing customers to save their payment method details for future use.
Here are some of the key findings of the report:
· 62% of customers give up on a purchase after 2 minutes, while in Europe it takes on average 3.3 minutes to complete a checkout.
· 95% of customers said it was important for a website to provide the common payment methods in their country, and 86% said they would frequently abandon their cart if their preferred payment method wasn’t available.
· 75% of European customers have had a negative experience with the online websites that they subscribe to
Download the full report here.