Online retailers risk losing business by offering too narrow a choice of payment methods, new research suggests.
The survey indicates 50% of online shoppers cancel purchases if their preferred method of payment is unavailable.
Some 40% of respondents to the YouGov survey said they would feel ‘more comfortable’ purchasing from a retailer who offered a wide range of payment methods rather than from one offering one payment option.
Nick Drew, director of e-commerce operations at ClickandBuy, the organisation that commissioned the research, said: “The message to merchants is clear – consumers are prepared to shop more online, but they need to feel completely comfortable and secure in doing so. Competition is rife in the online space and if shoppers aren’t being offered the right service and payment systems to meet their needs, they will take their purchase elsewhere.”
However, another 36% of respondents said they planned to shop more online than on the high street in 2009, with 45% predicting they would spend more time shopping online for cheaper versions of high street goods.
Only 42% of online shoppers said they were completely confident their credit card details are secure when shopping online.
© Crimson Business Ltd, 2009