A 2019 survey by 2checkout.com on customer buying habits revealed some facts about online shoppers; that data security and confidentiality matter most to customers when buying from a web-based merchant.
The study also found that buyers are most likely to abandon a filled shopping cart because of a mind-change about a purchase than due to reasons like prolonged delivery periods or lack of their favorite payment avenues.
These findings were the result of an investigation of over 1K customers across 130 nations from
May to July. The research dabbed the Online Shopper Behavior intended to understand customer habits in terms of causes of abandonment and what matters to buyers most when making online shopping decisions.
Why Customers Would Abandon You
So what are the most common reasons for cart abandonment?
- Mind-change about the purchase of an item is the most common cause of abandonment, at around 40 percent.
- Unanticipated fees during the checkout stage is next at 38 percent.
- Inadequate details about product is reason number 3 at 32 percent.
- Lack of a preferred payment method was mentioned by 28 percent of the respondents.
That said, customers also suggested ways e-commerce merchants can reduce abandonment.
Customer Suggestions for Reducing Abandonment
While 2checkout.com found that the merchant can do nothing about product mind-change, here are the two major customer recommendations when it comes to reducing cart abandonment rates.
- Discount offers – 38 percent
- The use of reminders – 33 percent
Customers recommended that retailers offer discounts at checkout or use reminders to push shoppers to buy whatever they’ve added to cart.
What Matters to Shoppers When Buying Online
The researcher also sought to find out what matters to consumers most when choosing to buy items online.
Here are the findings:
- Data security and confidentiality is a top concern at 76%,
- Brand name and clear policies is concern number two at 70%,
- And taking payment through the customer’s favorite payment method follows at 69%.
What are the Customers’ Favorite Payment Methods?
2checkout also sought to find out the shopper’s most favored payment methods. Here’s what came out;
- Credit & Debit cards was the most favorite
- PayPal was a second favorite, liked by nearly 40 percent of interviewed shoppers
- Cash still rules a small portion at 16%, to rank as the third loved payment option
Your data security and confidentiality measures determine whether a buyer will proceed to checkout or abandon you. That means a safe payment means is not enough to win you, customers. You must have what it takes to protect customer data, lay down clear policies, and meet your shoppers at their point of need.
It is not surprising to see customers worried about data safety with news of massive cyber breaches compromising millions of customer data circulating the internet. Retailers should use these statistics to understand customer needs and make the necessary adjustments to gain a competitive edge in the ever-changing eCommerce marketplace.