28 Per Cent Abandon Online Purchases Due to Payment Method

Buying a phone shopping trolley illustration28 per cent of people who abandon online purchases at checkout do so because the website does not offer their preferred method of payment, rising to 32 per cent among 18-24 year olds.

The figure comes from a study by online payment company Skrill, looking into the shopping habits of 2,000 UK adults. The research demonstrated the differing expectations the internet-native generation has when it comes to online payment; 18-24 year olds were more likely to use a digital wallet than any other age group, with 39 per cent using them regularly, and 14 per cent using them for every purchase.

While credit and debit cards remain the most popular way to pay for goods and services online, with 57 per cent of consumers preferring this method, digital wallets come in second at 29 per cent, and are only likely to grow in popularity as services like Apple Pay introduce the idea to a wider audience.

Other causes for checkout abandonment were also found by the study, with slow loading or crashing websites the most common at 43 per cent, while 38 per cent of consumers would abandon shopping if forced to register an account before purchasing.

“Growing numbers of consumers feel comfortable buying goods and services online and they want to be able ot pay in the way that is familiar and convenient,” said Chantal Willis, vice president of eCommerce at Skrill. “Businesses in our towns and on our high streets already provide a variety of payment options for customers, so it seems odd they would not replicate this online. Imagine a supermarket unveiling a brand new store that looks great but only accepts cheques as payments.”