Us Brits love shopping online, in fact we’ve spent more than £130bn on online purchases in the past 12 months.
But sometimes things just don’t feel right. Maybe the payment process seems to be taking too long or you’re just not sure about the security of the website.
New research from Visa shows that nearly three quarters (72%) of British online shoppers have abandoned their shopping baskets mid-purchase.
Of those, 76% cite concerns over sharing personal information with an unfamiliar site as a key reason, with 59% saying that having to go through additional payment steps put them off.
Kevin Jenkins, managing director of Visa UK and Ireland, said: “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.
“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.”
Visa’s research highlights the importance of a speedy sales process, particularly for those ordering takeaway food online.
The majority (60%) of those who order takeaways online will abandon the process if it takes longer than five minutes and only 22% of online shoppers are willing to wait longer than 10 minutes.
Younger consumers are not only more likely to make online purchases (two thirds of those aged 18 to 34 spend as much online as they do on the high street), they are also 10% more likely to abandon those purchases.
More millennials say they’ve made purchases using an app than the national average (90% compared to 67%) and they are also more likely to have ordered takeaway food or bought home entertainment products online.
“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,” said Mr Jenkins.
“Younger consumers expect a quick, hassle free payment experience, wherever and however they shop.”