Most online-shops are offering too few payment options

According to a recent survey the number of payment options offered in a online-shop can have an influcende on the sales of the shop. So online retailers that are not offering a sufficiently wide choice of internet payment methods are losing business. The survey of 2000 British adults, which was carried out by independent survey firm YouGov, found that half of those who regularly shop online said that if their preferred payment method is not available, they will cancel the purchase.

Find out more about this subject in the following article.

Online shoppers use alternative payment methods

In 2008 the company trialpay found out in it’s Alternative Payments Survey, that 75% of online shoppers have used an alternative payment method, such as Google Checkout, PayPal, Bill Me Later and TrialPay to purchase an item online. And 59% of online shoppers say they are more likely to make a purchase online if there is an alternative payment method available.

More payment options – more trust?

40% of those surveyed by ClickandBuy also said that they would feel more comfortable purchasing from a retailer who offers a wide range of payment methods than a retailer who only offers one payment option.

One third (36%) of survey participants said they would be spending more online than on the high street in 2009 than in 2008 and 45% agreed that they would be spending more time shopping online for cheaper versions of things they used to buy on the high street.

Financial security risks associated with ecommerce continue to be a concern, however, with 83% of respondents believing that the number of people trying to commit fraud on the internet is increasing. Only one third disagreed with the statement ‘I feel no safer when buying online now than I did five years ago’ and less than half (42%) of regular online shoppers are totally confident that their credit card details are secure when entered online.

Concerns of security risks

Of the 32% of adults surveyed who do not regularly shop online, over half (54%) said that this is because they are concerned of the security risks from entering credit card details online.

Commenting on the findings, Nick Drew, director, e-commerce operations, ClickandBuy, said:

“The message to merchants is clear – consumers are prepared to shop more online, but they want to feel completely comfortable and secure in doing so. Competition is rife in the online space and if shoppers aren’t being offered the right service and payment systems to meet their needs, they will take their purchase elsewhere, leaving merchants to potentially miss out on millions of pounds of business. Yes, e-commerce is set to grow, but only for those merchants who appreciate that different consumers have different preferences when it comes to making online transactions. The logic is simple – by offering a wider range of payment systems, the more customers a site is likely to appeal to.”