According to a new survey released by Experian into ecommerce checkouts and online safety, shows cumbersome processes still represent a barrier to buying and are a particular niggle for millennials.
The survey of 5,500 consumers across a number of countries was intended to learn attitudes to risk and security practices, found that while two-thirds of all respondents appreciate security protocols during online transactions because they feel protected, 42% of millennials would engage in more online transactions if there weren’t so many security hurdles.
That’s not that any demographic group isn’t concerned about security. But millennials are very much focussed on speed and like ecommerce checkouts which are hassle-free. This does go some way explaining why integrated services such as PayPal and Apple Pay are so successful. They inspire trust, use stored card and delivery details and allow shoppers to make their purchases very quickly. Indeed it’s why shopping apps are also so popular with younger shoppers. It’s well worth checking out some of those to get a notion of how their ecommerce checkouts operate.
The companies that are going to win are going to be the ones that have an elegant process, a safety paradigm and transparency about how this data is being used. The lack of willingness to put up with draconian security measures is driving businesses to change how they approach security.
– David Britton, VP of industry solutions for global fraud and identity, Experian
So what should you consider in light of this information? If you purely sell on marketplaces, there’s nothing you can do because they determine the nature of their checkouts. But if you’re using your own webstore it’s well worth doing some digging and analysing how shoppers use it. And, perhaps most importantly, if you have a high drop-out rate, consider taking action.
In the first instance, look at the payment options available and see if offering more would be beneficial. The likes of Apple Pay et al can easily be plugged in and offer the benefits of many pre-populated fields that can make the process quicker.