According to a study conducted by digital commerce company Forter, problematic websites and complex online check-out procedures are causing businesses to lose money. This comes as potential customers, who are already cautious about their expenditures, are driven away by these issues. The 2024 Trust Premium Report by Forter suggests that the digital experience - especially the smooth operation of online check-out and returns - is critical for boosting sales. Retail shops falling short on these aspects are missing profitable opportunities.
Forter's CEO, Michael Reitblat, confirms, "Retailer's digital experience has more impact on consumer trust than they realize. Complicated check-outs, unclear policies, and other customer frictions negatively affect this trust."
Surveying 2,000 respondents from the US and UK, Forter identified that approximately 80% would abandon their online shopping carts if they found the check-out process too burdensome. Over one-fifth confessed to aborting online purchases due to the requirement of account creation.
This year's festive shopping season is likely to pose a significant challenge for retailers, as they battle to secure sales from increasingly cautious customers who prefer malleable online payment options.
In the survey, about half of the respondents stated their holiday shopping budget this year would be the same or greater than last year's, with around half planning to avail of buy-now-pay-later options. The report emphasizes that "Retailers should concentrate on adding value and convenience to meet the demands of cost-conscious shoppers, which includes clear value communication, flexible payment options, and effortless online shopping experiences."