This is a follow-up article to the claims that Shopify is making against Magento and BigCommerce. You can read my previous one here.
The Commerce Line-up: BigCommerce vs Shopify
When deciding on the perfect e-commerce platform, it often comes down to a face-off between the big players. In this matchup, we’re focusing on a critical aspect – conversion performance – and observing how BigCommerce and Shopify measure up. In all fairness, these platforms have ample strengths. Yet, as this analysis suggests, based on the BigCommerce Enterprise Commerce Platform Conversion Report commissioned by BigCommerce, attention to detail can make all the difference.
The Conversion Crucible
The digital space is redefining traditional growth roadmaps. Increasing conversion rates has emerged as one of the pivotal growth strategies in e-commerce. This report presents unblemished evidence of how the BigCommerce platform champions this shift. In the high-stakes game of turning online traffic into paying customers, BigCommerce proves its mettle by demonstrating an appealing takeover of the conversion funnel.
BigCommerce’s Recipe for Conversion Success
Grasping the intricacies of increasing conversion rates is no small feat. Primarily, the report discusses two of those critical conversion points:
- Checkout Conversion Rate : A metric that measures the effectiveness of the final steps of a digital shopping journey. A smooth checkout experience can significantly influence customer decision-making and order completion.
- Visit Conversion Rate: A parameter that gauges the overall ability of an online store. It reflects the website’s efficiency in turning site visits into actual orders. It underscores the impact of a streamlined checkout process on overall conversion success.
Armed with data from over 2,200+ merchants, 190 million+ visits, and 6.5 million+ checkout journeys, the report presents powerful information: checkout and visit conversion rates can dramatically improve by just changing to the right payment methods.
Spotlight on Alternate Payment Methods
The report conducted a comparison study segregating the metrics into three cohorts based on implementing Alternative Payment Methods (APM), where APM includes PayPal Wallet, Apple Pay, Google Pay, etc. The results were no less than a revelation:
- Cohort 1: Merchants that do not offer alternative payment methods
- Cohort 2: Merchants that offer one Alternative Payment Method (either PayPal Wallet or Apple Pay)
- Cohort 3: Merchants that offer both PayPal Wallet and Apple Pay
Statistically, going from Cohort 1 all the way to Cohort 3 shows a jump in conversion rates. What stands out is the massive improvement from Cohort 1 to Cohort 3, indicating that offering both PayPal Wallet and Apple Pay can increase the Checkout Conversion Rate by 17%. These figures underline the consequential roles that various secure, user-friendly, and diverse payment methods play in facilitating the final purchasing decision, thereby leading to a higher checkout conversion. The sure-shot formula for excellent performance in Checkout Conversion Rate boils down to bolstering the base with advanced payment methods like PayPal Wallet and Apple Pay.
Follow-up Questions to Ask.
- How influential are alternative payment methods in improving conversion rates?
- Is the combination of PayPal Wallet and Apple Pay the only viable option for enhancing conversion rates?
- What other factors could potentially concurrently impact the Checkout Conversion Rate improvement?
Demystifying the Visit Conversion Rate
In addition to outperforming in Checkout Conversion rates, BigCommerce’s Flagship Checkout Configuration also enhanced the Visit Conversion Rate. As per data from IRP Commerce, the average eCommerce conversion rate across all markets was 1.94% over May and June 2023. However, BigCommerce Enterprise Commerce Platform’s Visit Conversion rate was found to be 20% higher than the market benchmark, yet again proving to be a preferable choice. Unlike Shopify, BigCommerce’s robust, frictionless checkout experience combined with diverse, secure, and convenient payment options can significantly enhance overall visitor-to-customer conversion performance.
Wrapping Up the Conversion Performance Showdown – BigCommerce vs Shopify
In a world driven by online commerce, BigCommerce appears to be firing on all cylinders regarding Checkout and Visit Conversion Rates. Now isn’t that something Shopify needs to ponder over?
