Why do Finns abandon their online shopping carts before payment? We asked.
According to our recent nation-wide survey, technical problems and ongoing concerns about mobile payments are common reason why Finns abandon their online purchases in the payment stage. The most common reason is that Finns can't find the online payment method they'd like to use.
The promising shopping season is shadowed by Finnish consumers’ concerns over the security of mobile payments. Nearly four out of ten (38%) respondents to Qvik’s survey said that they are often worried about payment security when shopping on their mobile or table browser.
“One in three Finns are also worried about paying with mobile apps. More than a fifth are concerned about paying with mobile devices in brick-and-mortar stores. On the other hand, a third are not worried about the security of mobile payments”, says Qvik’s payments expert Mikko Vahter.
Based on Qvik’s surveys, the Finns’ confidence in mobile payments has not improved during the pandemic. The company conducted another nation-wide survey about attitudes to payment in May 2019. A third of the respondents also said back then that they would not pay for their online shopping with their mobiles because of security concerns.
Technical problems are as common as before the pandemic
The promising online shopping season can suffer from technical issues preventing the closure of initiated transactions.
Qvik also asked consumers why so many break off their online purchases and abandon the shopping cart at payment. Over half (53%) of Finns had done so in the past six months.
“This is not the first time we have charted the reasons for abandoning online purchases. We are not seeing any significant progress in this matter in the past three years. More than half of consumers had also abandoned a purchase at the payment stage when we last asked them about this in October 2019”, Vahter says.
According to this year’s survey, more than a third (31%) of purchases had been abandoned due to technical issues. Technical problems remain as common as three years ago, when 35% of consumers said that they had interrupted a purchase because of technical trouble.
“The challenge lies in the fact that a payment transaction involves multiple parties that need to work seamlessly together to enable a smooth payment experience. Technical expertise alone will not cut it. You also need to be familiar with authentication, payments, the business and the customers”, Mikko Vahter says.
Qvik charted Finnish online shopping habits with a nation-wide survey in mid-October. The electronic survey was taken by 1110 people aged 18–75. The sample is representative of Finland’s adult population. The survey was implemented as a panel by research company Cint.
Illustration: Midjourney AI