For many consumers taking time is wasting time when it comes to purchasing online. It’s a sentiment that’s backed-up by critical research highlighting the direct cost of friction, delays and consumer intolerance. The retail sector’s on-going success hinges on ensuring fast, seamless and secure transactions for their customers.
The findings of this comprehensive research into online consumer tolerance times may surprise you. Nearly half (45%) of UK adults will abandon an online transaction due to the length and complexity of the identity validation and security checks.
Half of those (47%) said they simply went to a competitor, while one in five (20%) gave up completely and abandoned the transaction. Less than one in five (17%) bothered to try to resume it at a later date.
While consumers will generally allow up to seven minutes for public sector transactions, nine minutes for travel-related matters, or 10 minutes when dealing with mortgage arrangements – they allow just five minutes for online retail transactions, highlighting just how important it is to get these checks right.
£2.3 billion in lost revenue…
Identity and security procedures continue to be a source of acute annoyance among online shoppers, with any needless delays likely to quickly result in lost business. In fact, it’s estimated that identity impatience is costing the retail sector around £2.3billion in lost revenue.
Investments which help win, retain and safeguard the right customers count. Once they’ve gone elsewhere, the likelihood is that they’ve gone for good.
Make identity checks faster to reduce your drop-off rates
Real-time identity and security checks are already proving to be the best investment in reducing drop-off rates among consumers within many retailers. Solutions that take into account data sets to support international transactions are further supporting retailers to grow their customer bases and drive substantial business growth.
Solutions which allow you to quickly authenticate your customers’ identity can help you to safeguard your business and customers from fraud, whilst growing your e-commerce reach.
Source: Experian and Opinium Research LLP