A new study conducted by financial and payment cards company Visa has found that a large percentage of online shoppers in the UK discard their virtual carts over fears of security issues.
The study analyzed spending habits of 1,000 British online shoppers at the time when around £130 billion was being spent online annually. 72% of the respondents stated that they eventually abandon their virtual shopping carts mid-purchase. Within this set, 76% expressed concerns over sharing their personal and financial information on unfamiliar websites. Other participants shared that they leave the shopping process if there are too many payment steps to go through.
“The UK leads Europe in ecommerce sales, with mobile shopping in particular experiencing rapid growth. But, with so many consumers abandoning baskets during the buying process, there is a clear need for new, easy, secure ways to pay,” said Kevin Jenkins, Managing Director of Visa UK and Ireland, and added that “Retailers who are able to address consumer concerns in relation to the security and convenience of the payments process will avoid losing out on sales. Furthermore, they will tap into the vast opportunities offered by online retail."
Visa further found that 66% of millennials spend equal amounts of money online as they do offline. When it comes to those who order food online, 60% will abandon their request if it takes longer than five minutes. Only 22% were willing to wait for more than 10 minutes.
Lastly, for online home entertainment products, 76% will discard the purchase if it takes more than 10 minutes. 55% were willing to wait for five minutes.
“As shoppers spend even more online, in terms of frequency and value, the balance that needs to be struck between speed and security has become even finer. Younger consumers expect a quick, hassle free payment experience, wherever and however they shop," Jenkins concluded.