Commentary

Online Shoppers Expect Payment Convenience

Nearly 95 million online shoppers have saved their payment information with a retailer online to provide convenience when they’re looking to complete their online purchases, according to a new CreditCards.com report, from a study by Princeton Survey Research Associates International, presented by April Berthene.

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62% of U.S. adults shop online and 65% of them save their payment information with at least one retailer. 10% always save their credit or debit card information on a merchant’s website or in app to make a future purchase, 30% sometimes do, 25% rarely do and 34% never save their information.

Matt Schulz, senior industry analyst for CreditCards.com, suggests that, with such a large number of shoppers looking for convenience, online retailers should add a feature that allows shoppers to save their credit card credentials.

“It is a way to judge loyalty,” Schulz says. “If someone chooses to store their card information on your site, they’re clearly making a commitment to you. They would almost certainly be more likely to buy from your site again than someone who didn’t store their info.”

Quick checkout is especially important on mobile devices, where shoppers have shorter attention spans and are less patient when it comes to waiting for websites to load, says the report. 10.7% of consumers cite a website or app as too slow as a frustration when shopping via a smartphone, and 4% said checkout takes too long, according to an exclusive Internet Retailer survey of more than 2,500 U.S. consumers conducted in March 2017 by Bizrate Insights.

That same study found that 54.7% of consumers are shopping more on their smartphones than they were a year ago, and 10.2% of them said the reason is because they have stored payment data on their phone making it easier to check out.

Retailers need to find ways to make it easy for shoppers to pay, or else they risk losing a sale, concludes the report.l

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1 comment about "Online Shoppers Expect Payment Convenience".
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  1. Craig Alberino from ALTA AI Partners, October 12, 2017 at 6:23 a.m.

    Amazon alone has 65 million prime subscribers, all with a default (saved) payment method. 

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