PayPal release findings from a consumer survey conducted in the UK to better understand behaviors and sentiments of both consumers and small businesses regarding the process of on-line and mobile payment check out. The survey included 2,000 consumers and 2,000 businesses. The results were reviewed in a blog posted on eConsultancy:
Despite the rising popularity of digital wallets, contactless payments and smartphones, 44% of small businesses have reportedly never reviewed their payment methods:
What’s more, despite a fifth of consumers most frequently buying online using a smartphone, just 17% of small businesses are said to have mobile-optimised websites and just 4% have a mobile app.
Although the blog doesn’t comment on the types or sizes of businesses I am going to guess the composition included mostly smaller businesses where PayPal focuses much of its efforts. If that is true, I don’t think that the results are particularly surprising, but certainly calls out a need for businesses and their payment technology providers to put some effort behind the mobile user experience at the checkout:
While long-winded forms and surprise delivery charges also contribute, a lack of payment options could be the reason behind many abandoned baskets.
According to PayPal’s study, 63% of consumers admit to abandoning an online purchase in the last three months due to being unable to pay the way they wanted.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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