September 14, 2017
Consumers’ buying habits have shifted dramatically in the decade since the first iPhone ushered in the age of the smartphone. And, just in the past year, a quickly increasing number of those consumers are shopping online and gaining comfort doing so on their mobile devices, according to a new report from online payment provider Paysafe. Overall, 68 percent of respondents in a poll of Canadian, U.K. and U.S. shoppers said they shop online rather than in physical stores more than they did a year ago. And, 62 percent reported being increasingly confident about using a mobile phone to shop for and order products.
The report, Lost in Transaction, is an examination of the role of cash and the digital payment methods that are replacing it. The report also looked at shopping cart abandonment and some of the causes.
Conversion remains a problem for retailers, with 67 percent of those surveyed by Paysafe acknowledging they have abandoned an online shopping cart in the past month. The most common reason for abandoning an online purchase—cited by 42 percent of respondents—was hidden transaction fees or delivery charges. Forty percent reported they simply wanted to shop around more. Security concerns or difficulty getting a payment approved were identified by only 11 percent as a reason for abandoning an e-commerce transaction.