NEW YORK (PRWEB) August 09, 2018
Eighty-seven percent (87%) of online shoppers will abandon their carts during the checkout process if it is too long or too complicated, according to a recent survey by monthly installment payment solution Splitit. Retailers should be even more alarmed to hear that 55% of consumers would not only abandon their carts, but also never return to that retailer’s site.
The findings arise as online shopping is expected to skyrocket to $4.88 trillion by 2021. With cart abandonment rates hovering at about 70% and the success of e-commerce businesses at stake, e-tailers must continue to invest in the online shopping experience, providing an efficient checkout process to ensure customers remain loyal and revenue continues to grow.
“With cart abandonment rates so high, retailers still have work to do in streamlining the online shopping experience,” said Gil Don, CEO and Co-Founder of Splitit. “While consumers appreciate having options, it is essential that the checkout process is seamless, at the risk of permanently losing customers. Online merchants must be sure to include clear and easy ways to enter customer details, choose delivery options and make payments, while ensuring that the process does not become cumbersome for the shopper.”
The survey results demonstrated that older shoppers are the least forgiving of complex checkouts:
- 83% of millennials would not complete a long or complicated checkout process.
- This is compared to 90% of those aged 55+, who said they would not follow through with a lengthy checkout.
- 12% of millennials also reported that they would exit a lengthy checkout but return to the site later, compared to only 7% of those over the age of 55.
Excessive advertisements in the checkout process also make consumers less inclined to complete an online purchase, with 25% of respondents citing it as the reason for abandoning their carts:
- Millennials were less bothered by ads, with only 19% reporting that too many ads during the checkout process would cause them to abandon their cart.
- This contrasts with 28% of those aged 45+ who would abandon their cart if they felt there were too many ads.
The survey, conducted in July 2018, was jointly carried out with Google Consumer Surveys based on a representative sample of more than 1,000 respondents from the United States, aged 18-65+.
Splitit is a payment method solution enabling customers to pay for purchases with an existing debit or credit card by splitting the cost into interest-free monthly payments, without the need for additional registrations or applications. Splitit enables online retailers to offer their customers an easy way to pay for purchases in monthly installments with instant approval, decreasing cart abandonment rates and increasing revenue. Serving many of Internet Retailer’s top 500 merchants, Splitit’s global footprint expands to 800 merchants in 25 countries and has been patent protected in the United States since 2012. Headquartered in New York, Splitit has an R&D center in Israel and an office in London.