According to research done by uKash, there are specific reasons why e-merchants lose their customers.
IMRG figures have revealed the following information about shopping cart abandonment:
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- 37% of online transactions in the UK (Q1 2013) were lost owing to shoppers giving up on payment (this amounts to £6bn).
- 46% of consumers are put off by the security questions they are expected to answer.
- 39% of consumers have abandoned their shopping carts as a direct reaction to being asked too many personal questions.
- Many consumers want the option of using cash to pay online (through a voucher type facility).
- Payment options need to be more varied in order to satisfy consumer needs.
It is evident that the research presented is sending out a loud message to merchants saying that when it comes to setting up payment systems for e-retail, much consideration is required. With 98 percent of the study’s participants indicating that they engage in online shopping, customer satisfaction is a certain key to success and in the e-commerce space, payment plays a significant role.
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