U.S. consumers abandon shopping carts at high rates: Brand websites need to strengthen payment diversification

According to data released by PYMNTS Intelligence, shopping cart abandonment is quite common on brand websites. Its research survey of more than 3,500 American consumers found that an important reason for the high shopping cart abandonment rate on brand websites is that these websites often lack a key element that online shopping experts value - diversified payment methods.

PYMNTS Intelligence found that 70% of consumers say the availability of their preferred payment method is an important factor in their store selection; however, only 22% say brand websites are better than retailer websites or online shopping platforms at supporting their preferred payment methods .

In contrast, 53% of people believe that online shopping platforms are the best online choice when it comes to offering their preferred payment methods and multiple payment options. In other words, it’s not just the number of payment methods that matters, but whether the e-commerce website platform supports consumers’ preferred payment methods.

Therefore, the absence of payment methods could well explain why the average brand site had 8 shopping cart abandonments over the same 30-day period, while the representative retailer site had only 6 shopping cart abandonments.

Not only that, PYMNTS Intelligence has also found another reason why brand websites have high shopping cart abandonment rates. Some consumers view brand websites as a repository of detailed product information. Once these consumers get the information they want, they click to jump to the retailer website or online shopping platform, find the same product (usually at a more attractive price) and complete the purchase there.

The above chart visually demonstrates the types of products consumers abandon when browsing various websites.

For electronics, slightly more consumers change their minds when browsing brand sites than when browsing electronics on shopping sites or retailer sites. One possible reason: Brand-operated sites may provide the most detailed electronics specifications that buyers want to know, often with manuals and other resources. Once consumers have this information and make a shopping decision, they may visit other sites that offer greater deals and ultimately make a purchase.

Likewise, grocery brands are more likely to tout important information that is not prominently displayed on retail websites and online shopping platforms.

The fact that shopping cart abandonment rates on retail websites and online shopping platforms are significantly lower than on brand websites in the electronics and grocery categories suggests that consumers may be using brand websites to do their homework on product information but then looking elsewhere for a better price to complete the transaction. One solution for brand websites is to consider offering consumers price breaks before they abandon their purchase.

Author✎ Summer/
Disclaimer: This article is copyrighted and may not be reproduced without permission. If you need authorization, please contact: happy