Payments

Two Experiences That Technology Will Kill Off in 2019

MEDICIGlobal Head of Content

There is a well-researched variety of reasons for which consumers cut their online experiences with brands short: complicated checkout, forced registration (when forced registration is removed from the checkout page, businesses can see a 45% increase in customer purchases), unexpected costs (56% of shoppers leave for this reason), lengthy registration forms, slowly loading pages, etc. In the financial services industry and e-commerce, abandonment is a particularly painful problem.

The abandonment rate estimates are generally along the same lines. Some estimates suggest that as many as 70% to 80% of customers abandon online shopping carts. SAP puts the number of uncompleted online purchases at 97%. Other professionals suggest that businesses operate in a harsh reality of converting only approximately 2 out of every 10 visitors into paying customers.

As for online banking applications, while some put abandonment rates somewhere at 97%, others report that one out of three consumers are abandoning the process of opening a new account because it is too difficult or takes too long.

There is also the device influence at play: desktop conversion rates are 2.7X higher than mobile. While 30% of carts result in orders from a desktop,...

Elena Mesropyan

MEDICIGlobal Head of Content

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world. Elena has been recognized as one of the Top 100 Women in FinTech 2018. Prior, she has been ranked in the Women in FinTech Powerlist 2017.