Study: Customers Are Ditching Ecommerce Carts Due to Security Risks

August 16, 2017

10:50 am

Ecommerce is all about conversions. If you can’t get customers to push that big scary PURCHASE button at the end of their shopping cart, you’re going to be in big problem before you know it. Fortunately, there are plenty of tips out there to help you design your shopping cart experience in a way that creates conversions. And you better heed those tips, because customers are looking for any excuse to avoid pressing that big scary button.

According to research from Visa, 72 percent of shoppers have abandoned their shopping carts on retailer websites and apps due to finding the payment process tedious or concerns over online security. Dubbed “basket anxiety,” this fear is preventing huge portions of ecommerce shoppers form making purchases.

“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,” said Kevin Jenkins managing director of Visa UK and Ireland. “Furthermore, they will tap into the vast opportunities offered by online retail.”

The primary problem is security. With more and more cyber attacks making headline news, it’s no wonder customers are wary of inputting private information, particularly a credit card number. To make matters worse, their fear is justified, as few customers know how dangerous shopping online can really be. For the ecommerce industry, that means a change needs to be made.

“The UK leads Europe in ecommerce sales, with mobile shopping in particular experiencing rapid growth,” said Jenkins. “But, with so many consumers abandoning baskets during the buying process, there is a clear need for new, easy, secure ways to pay.”

The study, which surveyed 1,000 British online shoppers, came away with a lot of other interesting ecommerce-related takeaways that should help inform you on future decisions for your business. For one, 90 percent of Millennials have made an online purchase on their mobile device, a substantial increase from the average of 67 percent. So if you want to make sure people are actually buying stuff through your website, a secure mobile page is a good place to start.

Read more about ecommerce trends on TechCo

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Conor is a writer, comedian and world-renowned sweetheart. As the Senior Writer at Tech.Co, he’s written about everything from Kickstarter campaigns and budding startups to tech titans and innovative technologies. His background in stand-up comedy made him the perfect person to host Startup Night at SXSW and the Funding Q&A at Innovate! and Celebrate, posing questions to notable tech minds from around the world. In his spare time, he thinks about how to properly pronounce the word "colloquially." Conor is the Senior Writer at Tech.Co. You can email him at conor@tech.co.

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