According to the study titled ‘2013 Mobile Consumer Insights’ released by Jumio, an online verification and mobile payments platform company, and conducted online by Harris Interactive, though consumers favor the convenience of shopping on-the-go, a number of barriers – from not being comfortable or feeling secure entering their credit card information to the checkout process being too difficult on their device – were cited as top reasons why respondents failed to complete a purchase on their smartphone/tablet.
The study has found that almost seven in 10 smartphone/tablet owners (68 percent) have attempted to make purchases on their device. However, problems during the payment process have forced two-thirds (66 percent) of that group to abandon their transactions. Nearly half (47 percent) of smartphone/tablet owners said they failed to complete a purchase because the checkout process took too long. Among those adults who failed to complete an attempted purchase on their smartphone or tablet 41 percent said the checkout was too difficult on their device and 23 percent said they failed to complete their purchase because it would not go through.
Moreover, the study has revealed that women may be known for holding the purse strings, but when it comes to making a purchase on mobile devices, men are the most likely to pull out the credit card. 74 percent of men who are smartphone/tablet owners have attempted to make a mobile purchase, compared to only 62 percent of women. Additionally, the study has found that younger men most often shop on their mobile device, with 86 percent of 18-34 year old men reporting they’ve tried to purchase something on their smartphone/tablet device
The majority of those respondents who failed to complete an attempted purchase on their smartphone/tablet said it was because they didn’t feel comfortable entering their credit card information (51 percent). Retailers may be missing the mark when it comes to communicating with customers about online security and costing themselves heavily because of it. The study has found that women are more likely than men (56 percent vs. 47 percent) to say they didn’t feel secure entering their credit card information.
Finally, the study has explained that age also plays a factor. 62 percent of those 55 or older have concerns over the security of their credit card information, as compared with 59 percent of those 45-54 and 45 percent of 18-34 year olds.
For more information about Jumio, please check out a detailed profile of this company in our dedicated, industry-specific online companies database.
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