Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

UK RETAILERS TO MISS OUT ON OVER £2.5 BILLION IN MCOMMERCE DURING THE LARGEST MOBILE CHRISTMAS SHOPPING SEASON IN HISTORY

Jumio estimates retail losses tied to mobile checkout abandonment will equate to 27 percent of the total mobile revenues for Christmas 2014

With the festive retail season shortly about to take off, Jumio, Inc. released its mobile commerce analysis that finds that although UK retailers are set to enjoy the most successful mobile holiday shopping season to date, they will miss out on nearly £2.5bn in sales due to the prevalence of outdated mobile checkout experiences.

JUMIOThis festive season, predictions are that UK retailers will take nearly £5 billion [1] in mcommerce sales, driven by a 64.8%[2] YoY increase of transactions from mobile devices. But according to a recent Harris poll, 47 percent of shoppers abandon purchases[3]  on mobile devices because of checkout friction where sub-optimal payment and checkout experiences cause consumers to drop out of the transaction.  Furthermore, the majority of shoppers (57 percent) do not attempt the transaction later[4]  on a desktop computer, meaning up to £2.5 billion in the form of lost sales stands to be left on the table by UK retailers this peak Christmas trading season.

“We know that consumers abandon mobile shopping carts for a variety of reasons, from slow network speeds to high shipping costs, but the most significant among them is entirely under a retailer’s control – simplifying checkout processes,” said Marc Barach, Chief Marketing Officer, Jumio. “While mobile apps have transformed the ecommerce shopping experience, checkout processes have not kept pace with mobile technology. Retailers need to implement solutions that seamlessly usher shoppers through the checkout experience to stem the tide of shopping cart abandonment and billions lost in potential sales, both during Christmas peak trading and throughout the year.”

In addition to revenue lost due to payment friction at the time of checkout, retailers risk losing money on future purchases as well. 63 percent of consumers are less likely to buy from the same company via other purchase channels after abandoning a mobile transaction due to a poor experience, according to the recent Harris poll. Nearly half of all consumers surveyed (47 percent) said they failed to complete a purchase because the checkout process took too long. Other reasons shoppers fail to complete a mobile transaction include:

  • 41 percent said the checkout process was too difficult on their device
  • 23 percent said they failed to complete their purchase because it would not go through

Jumio today also introduced BAM Checkout (www.jumio.com/press-releases/) a comprehensive mobile checkout offering to increase transactions while reducing fraud. For more information, please visit: www.jumio.com/BAM

[2] http://internetretailing.net/2014/06/mobile-shopping-drives-uk-retail-e-commerce-sales-study-says/

[3] https://www.jumio.com/2014/01/despite-largest-mobile-holiday-shopping-season-in-history-retailers-left-15-9-billion-in-mobile-commerce-on-the-table/

[4] https://www.jumio.com/2014/01/despite-largest-mobile-holiday-shopping-season-in-history-retailers-left-15-9-billion-in-mobile-commerce-on-the-table/