Browsing your favorite online stores can be a dangerous endeavor for your bank account, but recent studies have shown that if their credit card isn’t nearby, millennials are leaving those items in the cart. Regardless of the age group, consumers have been pushing companies to improve security during transactions. However, when Visa conducted a survey to learn about attitudes toward security practices, they discovered that almost half of millennials said the hurdles at checkout keep them from going through with the purchase.
While security remains a top concern, efficiency still seems to be coming in first place. PayPal and Apple Pay are becoming more popular among younger consumers because of the smooth transaction process. Often times online shoppers who are browsing don’t start out with the intent to buy, and when they come across an item they have to have, it needs to be simpler to purchase. Many will ditch their items because their wallet isn’t nearby, and it allows them time to rethink whether the sale is worth it.
Another frustration is password verification. Many sites have password requirements, which means forgettable passwords for each store account. After several failed attempts, it doesn’t seem to be worth the hassle to go through a password reset process. This is an additional reason shoppers don’t even make it to the actual checkout.
In an effort to reel millennials back in, e-commerce sites are considering different security measures, such as monitoring for fraud when the cart value is greater than a certain amount. Also, many companies have been adding options like PayPal and Apple Pay at their checkout. That way, consumers may not have to jump through hoops to get their prize.