1 in 3 consumers wait for less than 30 seconds before abandoning the checkout

Friday 13 November 2020 15:59 CET | News

A new research from Experian finds that businesses need to invest in the customer journey to accommodate increasing consumer demand and expectations.

According to Experian’s latest Global Insights Report, 60% of consumers have higher expectations from their digital experience compared to before the COVID-19 pandemic. The study also found that one in three consumers are only willing to wait 30 seconds or less before abandoning an online transaction, specifically when accessing their financial accounts. However, out of the 900 businesses that were surveyed for the creation of the study, only 24 % of the are deliberately making changes to their digital customer journey.

The study also found that two-thirds of consumers globally have remained loyal to their favourite brands during the pandemic. Despite this, the research shows that loyalty may not be a given going forward, and that businesses will need to improve the digital experiences that they provide.

The top five initiatives amongst retail banks, payment providers, and retailers to help with digital transformation accelerated by Covid-19 include:

  • the use of AI to improve customer decisions

  • strengthening security of mobile and digital channels

  • increasing digital acquisition and improving engagement

  • automating customer decisions

  • understanding customer profiles (e.g. affordability, preferences, and behaviours).

Additional consumer findings from the report include:
  • 61% of people surveyed now regularly order groceries or food delivery online;

  • 77% of people informed they feel most secure when using physical biometrics, and 62% of people said it improves their customer experience when managing finances or payments online;

  • for the past 3 years, consumers have trusted payment system providers such as PayPal, WePay, and Apple Pay the most for consistently providing a secure digital customer experience;

  • adoption of mobile wallets has increased by 11% since July 2020.

Additional business findings from the report include:
  • three of the top five solutions businesses are using to help improve the customer journey are designed for driving insights into faster customer decisions, including on-demand cloud-based decision apps;

  • 70% of businesses are focused on fraud prevention over generating revenue, increasing measures to protect the consumers’ online transactions;

  • 40% of businesses are better at communicating how customer data is used to enhance the customer experience, protect their information, and personalise products and services.

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Keywords: Experian , digital customer journey, COVID-19, brand loyalty, AI, automation, digital channels, food delivery, biometrics, mobile wallets, fraud prevention, customer data
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce