Quarter Of Consumers Abandon Transactions At Checkout Due To Payment Issues

Some new research has come out showing that when it comes to abandoned online purchases, a considerable chunk of them occur at checkout, when the customer is about to finalise the deal.

In fact, according to a survey of 2,000 UK adults from digital payments firm Skrill, 28 per cent of online transactions are ditched at checkout because the customer can't find their preferred method of payment. The figure is higher with younger folks, as 32 per cent of 18 to 24-year-olds will drop the goods if they can't find the right way to pay.

This younger demographic is unsurprisingly more likely to use a digital wallet than other age groups – indeed 14 per cent use them for everything they buy, and 39 per cent say they pay for things regularly via a digital wallet.

Still, when it comes to paying online, a credit (or debit) card remains the most popular method, with 57 per cent of consumers doing so – digital wallets are at a healthy 29 per cent, though.

So what were the other reasons customers abandoned online purchases? The most popular was the site being too slow to load (or crashing) at 43 per cent, with being forced to register for an account coming a close second on 38 per cent. Time is of the essence, in short, and when it comes to purchasing online people don't want to be faffing about.

Security concerns only came third, with 25 per cent saying that failing to trust that the website was secure was the reason for abandonment.

Chantal Willis, VP of eCommerce at Skrill, commented: "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. 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."