Monday, 7 August 2017

72% Abandon Online Purchases Due To “Basket Anxiety”

A research shows that almost three-quarters of online shoppers have abandoned “basket anxiety” in UK. According to new Visa survey of 1000 online UK shoppers, 72% shoppers have abandoned shopping on retailers websites and apps because of tedious process and security concerns.

76% have abandoned their basket in mid purchase due to concerns over sharing personal information with unfamiliar sites. 59% said that additional steps prevented them from completing a purchase.
Data from IMRG-Capgemini shows a record-breaking £133 billion spent by online retailers in 2016 — £18 billion more than the amount spent online in 2015.

Visa found that 66% millenials aged in between 18 to 34 spend as much on websites and apps as on high street.

9 out of 10 millenials have made their purchases through mobiles when compared with national average of just 67%. However, 10% of younger group likely to abandon an online purchase, with 82% having done so.

55% online shoppers said they would abandon home entertainment purchases category for online retail — if they have to wait for more than five minutes, while 76% give up if the purchase takes more than 10 minutes.

“The UK leads Europe in ecommerce sales, with mobile shopping in particular experiencing rapid growth,” Visa UK managing director Kevin Jenkins said.

With so many consumers abandoning baskets during the buying process, it indicates that there is a clear need for new, easy, secure ways to pay.

Retailers addressing consumer concerns related to the security and convenience of the payments process will avoid losing out on sales.”

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