A study by 2Checkout.com Inc., dabbed the Online Shopper Behavior Survey found that customers who buy items online are more concerned about data privacy and security than anything else.
In fact, a customer will most likely abandon you because of such concerns than due to other factors like not providing their favorite payment method or lengthy product delivery times.
2Checkout.com Inc says it came to this conclusion after interviewing over 1,000 consumers from 130 nations. The 2-month poll conducted from May to July sought to understand the behavior of online customers.
Leading Causes of Cart Abandonment
Though the main reason online customers abandon filled carts is changing their mind about the product at 39 percent, an unanticipated charges at checkout is reason number two at 37 percent, whereas “incomplete item details” is third, at 31 percent.
The nonexistence of a favorite payment avenue is cause number four at 27 percent.
And while ecommerce businesses can do nothing about customers developing a second thought about products, 2Checkout.com says that other factors can be controlled.
“According to interviewees, merchants can reduce cart abandonment by; Giving discounts (as recommended by 38 percent) or sending reminders (as suggested by 34 percent),” says the researcher in the official report of the survey.
Security and Privacy are a Top Priority
The study shone some light on the significance of security matters to shoppers all over the world.
76 percent of respondents said they worry about data security and privacy before they choose to buy from a web-based business. Another concern is reputation and clear policies with more than 70 percent of customers worried about it. The presence of a preferred payment method is also a major worry at 69 percent.
The shoppers’ stress on data security shouldn’t come as a shock in a sector that has suffered multiple data breaches in the past years, a recent case occurred in 2017 where Equifax Inc., was compromised and confidential info from over 145 million clients were lost to cybercriminals.
Some customers’ favorite payment avenues include; PayPal, which is the most common—used by 40 percent of interviewees. Credit and debit cards are also popular at 64 percent. And even surprising, is cash payments which is still preferred by 16 percent despite doing business in an online environment.
From the above statistics, businesses can tell what customers worry about the most. This data can be useful in making the necessary changes to your online processes to reduce cases of abandonment.
Author Bio: e-payments expert Blair Thomas is the proud co-founder of high-risk payment processing company eMerchantBroker. He’s just as passionate about helping businesses get chargeback insurance as his home in California with his dog, a large undisciplined garden and a growing number of producing projects.