I have to say up front that I actually find this hard to believe, and I cannot say I have ever seen or heard this from sites I was working with. According to the eCommerce Checkout Report, conducted by Elastic Path, and presented by Jason Billingsley, on the Internet's Top 100 Online Retailers merchants, merchants that did not make the card security code entry required were able to achieve a 40% higher conversion rate.
Thursday, May 1, 2008
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The study we did was more correlation than causality. It just 'happened' that retailers NOT requiring CVV had a 40% higher conversion rate on average. Obviously other factors come into play. But our numbers should at least prompt people to TEST on their own sites. That is the ONLY way to know what works for an individual retail site.
Thanks for commenting on the issue, and trust me, my eyebrows went up many times when looking at the data.
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