Why 66% of users are abandoning their mobile payments

9722316-an-illustration-of-a-shopping-cart-trolley-with-smart-phone-mobile-phoneShopping cart abandonment is already a major issue for retailers – and it’s become an even bigger issue as companies produce software with a slow, buggy checkout process.

While the adoption of mobile commerce is growing rapidly, many developers have overlooked testing their apps. In fact, according to Mobile Commerce Daily’s Chantal Tode:

“…problems during the payment process have forced 66 percent to abandon their transactions, according to a new report from Jumio.

The ’2013 Mobile Commerce Insights’ study also found that 47 percent failed to complete a purchase because the checkout process took too long.

The findings point to the need for retailers to pay more attention to streamlining the mobile checkout process or else risk losing a growing set of consumers interested in mobile commerce.

‘At the top of list is that 41 percent of consumers failed to complete a purchase because it was too difficult to enter credit card information,’ said Marc Barach, chief strategy and marketing officer at Jumio, Palo Alto, CA.”

Slow load times and poor usability are problems that real world expert-sourced testing prior to launch can eliminate. But the problems don’t end there. Tode also adds:

“Other key findings from the report include that 41 percent said the checkout process was too difficult on their device, and 23 percent said they failed to complete a purchase because it would not go through.

A majority of respondents – 51 percent – said they failed to complete an attempted purchase on a mobile device because they did not feel comfortable entering their credit card information.”

This data suggests that retailers are missing the mark due to a lack of functional and security testing.  For retailers who claim the cost of testing outside the lab is too high, the cost of lost sales and revenue from letting these bugs go unnoticed could be double, triple or much more.

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