UK consumers demand improvement on e-commerce
websites as outdated payment systems risk driving sales away.
The research, conducted by consultancy firm
Dynamic Markets and commissioned by payment processing provider
Chase Paymentech, revealed merchants do not have systems in place
to deal with purchasing problems efficiently. This could cause
brand erosion and loss of sales.
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According to the respondents from the survey
76% of e-commerce sites are unable to automatically advise
consumers of the reason why their card was declined. Furthermore,
consumers say they are not advised on the next steps involved to
complete the transaction.
The survey found there was a noticeable
difference between men and women’s reactions to having their card
declined for no apparent reason. The most common reaction for both
sexes was one of concern over fraud (37%). Men were more open to
continue shopping with the merchant if the situation could be
resolved and if they could be advised why their card had been
declined.
Consumers in the West Midlands are more likely
to look unfavourably on the company selling the goods and services
if their card is declined. One in 20 consumers said they would
actually go as far as decide not to shop with the vendor again.
“The results send a clear message to the
market – British consumers believe the current online experience
requires improvement,” said Shane Fitzpatrick, president and
managing director of Chase Paymentech.
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By GlobalData“The key to maximising your cart conversion
rate is clearly simplicity: a simpler customer journey; a simpler
way to authorise card payments; and a simpler, wholly compliant way
of managing customer data.
“Research proves that if declined card
payments were dealt with promptly and appropriately consumers would
be more likely to return and in today’s competitive e-commerce
industry this is how revenue is lost and gained.”
The survey used a national sample of 2,047 UK
consumers to investigate their online experiences of Cardholder Not
Present (CNP) payments.
