eCommerce companies do not like abandoned baskets. Why are consumers leaving online shopping carts? As in the rest of the world, in the UK, the difficulties of payment are thought to be the most important factor in abandoning the shopping cart. Lack of payment methods is the reason consumers leave most of the baskets.
Klarna and Ovum are also shown in research on the current priorities of UK e-commerce sites. While more than half of these sellers (52 percent) think that the main reason for consumers to leave the shopping cart is the length of the payment process, the difficulties in paying, 40 percent think that certain payment methods are incomplete. And 39 percent predicts that lending or credit options are lacking.
Reasons to leave the basket
“It’s too complicated and expensive to offer consumer financing”
One could go out and add more payment and financing options and leave the basket and see how the number of those going out is falling. And most sellers agree: 98% say that consumers want new and easy ways to pay online, and 78% say they want to offer consumer financing at the point of sale. But at the same time, 85% of retailers think it is too complicated and expensive to offer consumer financing.
But eCommerce sites should work, because 53 percent of online shoppers are looking for new and easier online ways. 56% said they would do more online shopping if they had different payment methods. Participants also think that 65 percent of retail sales will be made online in 2019, and 12.8 percent of retail sales will be in the mobile environment.
‘Improving payment, the critical component of e-commerce’
“UK is one of the most dynamic and competitive markets for online and mobile shopping.” He adds Ovum’s General Analyst Gilles Ubaghs; “The intense levels of competition coupled with an increasing customer base driven by the Y generation are now causing me to do more testing on the form of payment”. “It’s getting harder for sellers to come online – delivering new ways to improve payments and finance purchases is undoubtedly a critical component of e-commerce landscape”.