72% of Brits abandon their online shopping carts mid-purchase for fear of security

Research by financial services corporation Visa Inc. reveals that almost three quarters of British online shoppers end up abandoning their virtual shopping baskets for fear of having their credentials stolen, or when the buying process becomes too tedious.

The study analyzed the spending habits of 1,000 UK shoppers at a time when more than £130 billion get spent online annually in the UK. Despite the figure increasing year-over-year, as many as 72% of online shoppers admitted to abandoning their carts mid-purchase.

Of those 72%, more than three-quarters (76%) expressed fears over sharing personal information with sites they are not familiar with. 59% said they abandoned the process after being required to go through tedious – i.e. one too many – payment steps.

“The UK leads Europe in ecommerce sales, with mobile shopping in particular experiencing rapid growth. But, with so many consumers abandoning baskets during the buying process, there is a clear need for new, easy, secure ways to pay,” said Kevin Jenkins, Managing Director of Visa UK and Ireland.

“Retailers who are able to address consumer concerns in relation to the security and convenience of the payments process will avoid losing out on sales. Furthermore, they will tap into the vast opportunities offered by online retail,” Jenkins said.

Other findings include:

• 66% of millennials spend equal amounts of money online as they do on the street
• Nine out of 10 millennials have made purchases using a mobile device (the national average for all ages being 67%)
• Millennials are 10% more likely to abandon their cart mid-purchase
• 82% of millennials have abandoned their online shopping basket at one point or another
• 60% of those who order takeaway food online will abandon the process if it takes longer than five minutes
• 22% of online shoppers are willing to wait longer than 10 minutes
• 55% will abandon home entertainment purchases if the process takes five minutes or longer
• 76% of home entertainment buyers will give up if the purchase takes 10 minutes or more

Globally, restless young shoppers expect a hassle-free experience wherever they shop. It”s a given. However, UK buyers seem to be increasingly aware of the security risks they open themselves to while shopping online – a trend that will likely expand worldwide as more and more information about cyber-security hits the mainstream.

Retailers worldwide must strike a fine balance between speed and security, if they want to stay competitive – or even to stay afloat.