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Conversion to Order Payment
from Order
Metrics type
Actionable
Units of measure
Rate
Direction
More - better
Check frequency
Daily
Description
The percentage of visitors who pleced the order and successfully complete the payment for their order, reflecting the conversion efficiency of the payment process.
Why it is important
Calculating the Conversion to Order Payment reflects the conversion efficiency of the payment process and helps businesses optimize payment flows and reduce payment drop-offs. This metric enables businesses to identify payment-related challenges, improve payment gateway performance, and enhance customer experience to increase payment completion rates.
By tracking the conversion to order payment, businesses can streamline payment processes, minimize payment failures, and maximize revenue capture by facilitating smooth transactions and improving payment gateway efficiency.
By tracking the conversion to order payment, businesses can streamline payment processes, minimize payment failures, and maximize revenue capture by facilitating smooth transactions and improving payment gateway efficiency.
Formula
(Paid Orders / Placed Orders) * 100
Calculation example
If there were 80 paid orders out of 100 placed orders,
Conversion to order payment rate = (80 / 100) × 100 = 80 %
Conversion to order payment rate = (80 / 100) × 100 = 80 %
Related metrics
↪️ Affected
- Paid Orders
- Paid Orders
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Suggested slices for dashboards
- Payment Method
- Purchase Channel
- Product Category
- Customer Segment
- Purchase Frequency
- Purchase Channel
- Product Category
- Customer Segment
- Purchase Frequency
Questions to be Answered
1. What is the trend in the conversion to order payment rate over time, and are there any fluctuations or patterns that could indicate changes in payment processing efficiency or customer behavior?
2. How does the conversion to order payment rate vary across different payment methods or gateways, and are there any disparities that could signal potential issues with certain payment options?
3. Can we identify any correlation between the conversion to order payment rate and checkout abandonment rates, and what strategies can be implemented to reduce payment friction and increase conversion efficiency?
4. Are there any specific points in the payment process where customers are more likely to abandon their carts without completing the transaction, and how can these pain points be addressed to improve the conversion to order payment rate?
5. How does the conversion to order payment rate impact overall revenue and profitability, and what measures can be taken to optimize the payment process for maximum efficiency and customer satisfaction?
2. How does the conversion to order payment rate vary across different payment methods or gateways, and are there any disparities that could signal potential issues with certain payment options?
3. Can we identify any correlation between the conversion to order payment rate and checkout abandonment rates, and what strategies can be implemented to reduce payment friction and increase conversion efficiency?
4. Are there any specific points in the payment process where customers are more likely to abandon their carts without completing the transaction, and how can these pain points be addressed to improve the conversion to order payment rate?
5. How does the conversion to order payment rate impact overall revenue and profitability, and what measures can be taken to optimize the payment process for maximum efficiency and customer satisfaction?
Possible causes of worsening
🔹 Technical issues during payment. Technical glitches or errors during the payment process can prevent customers from completing transactions, resulting in a lower conversion to order payment rate.
🔹 Payment options not meeting customer needs. If the available payment options do not align with customers' preferences or requirements, they may choose not to proceed with payment, resulting in a lower conversion to order payment rate.
Explore more causes in full version of JetMetrics Lite
🔹 Payment options not meeting customer needs. If the available payment options do not align with customers' preferences or requirements, they may choose not to proceed with payment, resulting in a lower conversion to order payment rate.
Explore more causes in full version of JetMetrics Lite
Tactics to improve this metric
Explore in full version of JetMetrics Lite
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