Almost three quarters of British shoppers have abandoned their shopping baskets over security concerns or tedious payment processing, a new study has found.
According to new research from Visa, 'basket anxiety' is sweeping the nation, with 72 per cent of 1,000 Brits saying that they have deserted their prospective purchase. 76 per cent cite concerns over sharing personal information with unfamilar sites, while 59 per cent say that the rigamarole of additional payment steps has put them off their purchase.
In spite of these concerns, figures from the IMRG Capgemini e-Retail Sales Index earlier this year show that more than £130 billion was spent online in the UK over the past year. This is a figure that has been increasing year-on-year, with 66 per cent of millennials (people aged 18-34) now spend as much on websites and apps as they do on the high street.
Commenting on the findings, Visa UK and Ireland managing director Kevin Jenkins highlighted the need for alternative payment methods: “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. Furthermore, they will tap into the vast opportunities offered by online retail. Visa Checkout, recently launched in the UK and Ireland, addresses online shopping needs by removing the need for consumers to fill in forms with personal and payment information every time they shop online.”
Asides from Visa's recently launched payment method, other systems – like Apple Pay and Android Pay – also exist, and millennials are the group that are most enthused by these. Nine out of 10 say that they have made purchases using a mobile device (compared to the national average of 67 per cent), but that same group is 10 per cent more likely to ditch a purchase, with 82 per cent having done so.
Jenkins continued: “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. Younger consumers expect a quick, hassle free payment experience, wherever and however they shop.
“Visa Checkout is more convenient for customers but also keeps details safe and secure in one place. We are actively working with leading retailers to bring the benefit of this faster, quicker and secure way to pay to more online shoppers in the UK and Ireland.”