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Feb 21, 2024, 08:30 ET
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Inaugural survey reveals 71% of online shoppers abandon carts, digital wallets key to simplifying checkout experience
NEW YORK, Feb. 21, 2024 /PRNewswire/ — New research from the Paze PulseSM Report, by Early Warning Services, LLC, revealed that over the past year, 71% of online shoppers have abandoned their online shopping carts. While an overly complicated checkout process and security concerns were among the top reasons for cart abandonment cited in the inaugural “Paze PulseSM Report: Consumer Online Shopping Preferences,” 72% of consumers surveyed report they highly value digital payment tools like digital wallets, to make online checkout easy.
“The road to better online checkouts is improved with features that expedite and simplify the process,” said James Anderson, managing director of Paze. “In today’s challenging e-commerce landscape, the findings from our ‘Paze PulseSM Report: Consumer Online Shopping Preferences’ research emphasize the need for secure and convenient ways to make purchases online. This research indicates strong consumer interest in using an online checkout solution, offered by banks and credit unions, and validates our direction with Paze as we prepare for its general availability this year.”
The research revealed four key trends regarding consumer preferences and use of online digital payments.
Consumers have an appetite for a financial institution-backed digital wallet:
Digital wallet setup presents a hurdle for consumer use:
Security and convenience are driving factors for payment choice:
Shoppers use a variety of digital payment methods:
To download the findings from the “Paze PulseSM Report: Consumer Online Shopping Preferences,” visit www.paze.com/pazepulsereport.
About the “Paze PulseSM Report: Consumer Online Shopping Preferences” Research
For the inaugural survey, Early Warning Services, LLC, the operator of PazeSM, worked with Murphy Research to survey a diverse group of 1,000 online shoppers in the U.S., capturing their opinions and behaviors in Q4 2023. The online survey targeted respondents aged 18 and above who make at least two online purchases per month. To ensure a comprehensive understanding, participants who exclusively shop at major online marketplaces like Amazon have been excluded.
About PazeSM
Paze is a reimagined online checkout solution that participating banks and credit unions offer to consumers and merchants, combining all eligible debit and credit cards into a single wallet and eliminating manual card entry. Solving long-standing challenges in e-commerce, Paze provides an easy experience consumers and merchants can trust. At general availability, more than 150 million debit and credit cards will be available to consumers for making online purchases. To learn more about Paze, visit www.paze.com. Paze is operated by Early Warning Services, LLC, an innovator in payment and risk management solutions.
Paze and the Paze marks are property of Early Warning Services, LLC.
SOURCE Early Warning Services, LLC
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