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BizReport : Ecommerce archives : October 13, 2014

Is your lack of payment options causing shoppers to abandon purchases?

New research from ecommerce payment firm Skrill found that over a quarter of online shoppers abandon a purchase because their preferred method of payment is not available.

by Helen Leggatt

When Skrill surveyed 2,000 consumers to see what it was that made them abandon their online purchases, several obstacles became apparent. The reason most (43%) cited was sites that take too long to load or crash, followed by being forced to register an account (38%) and being asked to provide too much information (32%).

However, more than a quarter (28%) abandoned a purchase if their preferred payment method was not available. Among younger shoppers (18-24) that figure rises to 32%.

"Our data shows while businesses are investing huge sums getting customers to the point of making a purchasing decision, they risk not completing the sale if they only accept card payments," says Chantal Willis, VP eCommerce at Skrill.

"They must ensure they have systems in place to cater for the half of the population who prefer alternative payment methods. Given online stores attract customers from anywhere in the world, the need to offer a wide range of payment options is absolutely crucial."

The surveyed revealed that the most popular methods of payment are:

- Credit/debit card (57%)

- Digital wallet (29%)

- Bank transfer (2%)

- Text payments (1%)

- Virtual currency (1%)

Image via Shutterstock

Tags: cart abandonment, ecommerce, online shopping, payment methods

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