New research from payment provider Mollie has found that a lack of payment options means that nine in 10 consumers abandon payments.
Mollie‘s survey of 1,000 UK consumers asked participants about their shopping habits and experiences – it was revealed that the most popular payment methods are debit/credit card, PayPal, Apple Pay and Klarna.
Of those that chose PayPal as one of their preferred payment methods, 38% said they would abandon their cart should this option not be available at the checkout. The same could be said for one in ten Apple Pay shoppers.
In the last six months alone, 93% of people have neglected up to ten shopping baskets because their preferred payment method was not accepted.
“It is essential, in the age of accelerated online growth, that businesses meet their customers where they are, by providing them with a fully omnichannel experience and a variety of payment methods to suit them,” Mollie UK country manager Josh Guthrie said.
“Not everyone wants to pay via debit or credit card, or even PayPal, and when your business is international it’s even more important to take into account the preferred payment methods of each region.
“This study highlights just how much companies may be losing out on by offering limited options; the more personalised and adaptable businesses can be, the more likely they are to build brand loyalty among customers”.
Other reasons for abandoning purchases were shipping costs and options – i.e. expensive or long delivery times (55%), a customer changing their mind (32%), the customer wanted to compare prices elsewhere first (29%), technical issues with the site (17%).