Shoppers around the world value privacy and security most when buying online, and are most likely to abandon a shopping cart simply because they’ve changed their mind about buying the product—not so much because of factors like long delivery times or non-acceptance of preferred payment methods.
These are among the results of a global survey released Friday by online payments provider 2Checkout.com Inc., which says it canvassed more than 1,000 consumers across 130 countries between May and July.
While the most frequent cause of cart abandonment, at 39%, is a change of mind about the product, unexpected fees at checkout comes in a close second, at 37%, while “insufficient product details” also ranks high, at 31%. And though the absence of a preferred payment method doesn’t make the top three, it was cited by more than a quarter of respondents (27%).
A change of mind is something retailers can’t control, but they can do something about the other factors, 2Checkout advises. “According to respondents, cart abandonment can be curbed by offering discounts (preferred by 38 percent) or by simply sending reminders (effective for 34 percent),” the company says in a release disclosing the survey results.
The “Online Shopper Behavior” survey also shines a spotlight on the importance of security to consumers worldwide. At 76%, data security and privacy rank highest among factors that consumers consider when deciding to buy from an online merchant. However, reputation and clear policies also register at more than 70%. And acceptance of “my preferred payment method” comes close, at 69%.
Consumers’ emphasis on security shouldn’t surprise vendors in an industry that has seen repeated data breaches in recent years, including a massive one at the credit-reporting agency Equifax Inc. in 2017 that saw the theft of 148 million records. “This is yet another reason why merchants need to carefully select their digital- commerce partners and pay closer attention to compliance and industry standards,” said Erich Litch, president and chief operating officer at Atlanta-based 2Checkout, in a statement.
PayPal ranks high among preferred payment methods, used by 39% of respondents. Only credit and debit cards, at 63%, rank higher. Even in online shopping, cash continues to appeal to consumers worldwide. It places third at 16%.