UK Shoppers Abandon Over £1bn of Online Transactions due to Inefficient Identity Measures
Over £1bn worth of online shopping transactions were abandoned last year by UK consumers frustrated by old and inefficient identity measures, estimates research conducted for Experian. One out of five of these abandoned transactions were not taken elsewhere as individuals cancelled their shopping attempt altogether, resulting in £214m worth of net lost revenue for UK retailers.
The study, conducted by the International Fraud Prevention Research Centre (IFRC) and included survey data as well as insights from online retailers and the Office of National Statistics (ONS), revealed that 44% of UK shoppers have abandoned at least one online shopping transaction in the last year having become frustrated with the length and complexity of certain older forms of identity verification.
Professor Paul Barnes, director of the IFRC, said: “Depending on the reason for the identity verification check, our tolerance during a transaction varies greatly – and can be as short as a 60 second window. With millions potentially being lost from the key industries in the UK, it is vital that this issue is addressed as soon as possible.”