Ecommerce merchants invest a huge amount in attracting customers, yet a poor checkout experience can cause significant fallout and cost merchants dearly. In fact, research shows that as many as 87% of online shoppers will abandon their carts during the checkout process if it is too long or too complicated.
Competition in the increasingly borderless ecommerce market is fiercer than ever before – and merchants simply can’t afford to deliver an experience that is sub-par at any point in the customer journey.
The payment page is the deal-clincher – the point of sale or loss. So, of course, the experience here needs to be top notch – fast, robust, secure, simple, convenient – all the things that a shopper demands from the rest of their buying experience (and more, probably!).
Understanding consumer expectations is the first step towards delivering against them. So, to get under the hood of what shoppers want from their checkout experience, we asked them! We surveyed consumers across Europe to find out what their preferences and motivations are when it comes to a range of checkout factors; payment types, authentication and even the refund process.
In our recently published report, we unpacked key trends including:
The rising demand for debit:
We found that 64% prefer debit options when paying online
Consumers in all 10 markets we surveyed preferred debit to credit
A lack of trust is a huge fallout factor:
56% of all consumers have aborted a purchase due to not trusting an online store with their card details.
36% don’t trust websites for high value transactions
Slow refunds are costing revenue:
7 out of 10 consumers wait for their refund to arrive before making a new purchase
36 % of shoppers are willing to spend more if offered a faster refund
In summary, merchants are missing opportunities: checkout friction, slow refunds, a lack of consumer trust and failing to support the right payments options are all costing ecommerce merchants lost revenue and customer goodwill.
Against these challenges, there is the opportunity to use online banking payments to enhance the customer experience. The ultimate frictionless debit option, online banking payments can offer ecommerce merchants and their customers the simplicity, speed and trusted, plus the appeal to digital natives
If you want to dig deeper into consumer payments expectations and motivators, along with how online banking payments can address these demands, download the full report here.