A recent report on online retailers by PPRO and Arlington Research unveils over half of UK customers (58 percent) would stop their purchase if the checkout process is too complicated.
The least tolerant group is comprised of Millennials (people born 1980-1993), with 67 percent easily leaving the checkout if the process takes longer than expected, along with 44 percent of customers who would not proceed if their favourite payment method was not available.
Fifty-one percent of Generation Z customers (born 1994-2001) say they avoid buying from online retailers that require entering payment credentials with each transaction.
Older generations such as Baby Boomers (born 1946-1964) and the Silent Generation (born before 1946) show higher levels of tolerance when it comes to online payments, with only 30 percent and 25 percent preferring one-click payments, respectively.
Convenience remains an essential to costumers in online shopping while the security of their data and money comes second, says 59 percent of the shoppers.
With over 450 significant local payment methods in use across the globe, it can be a challenge for retailers to understand which ones to offer their customers. However, this research shows how crucial it is to offer the payment methods the customer prefers. It proves that the payment methods you offer can make a break or a sale.
“Currently, 91 percent of UK consumers have used debit and credit cards for online purchases. Eighty-nine percent also confidently use PayPal or have used it in the past. Thirty-one percent are confident in using mobile wallets, such as Apple Pay and Google Pay, and the use of bank transfers has doubled in the last 3 years. There’s a surprising range merchants must consider at the payment page to improve conversion rates,” comments James Booth, VP Head of Partnerships, EMEA at PPRO.