The Psychology of a Shopper

It’s no exaggeration to say that online retailers put a staggering amount of money and effort into attracting consumers to their stores. From employing huge marketing teams to spending hundreds of thousands on attracting customers via social media, advertising, public relations and brand ambassadors, it’s an enormous task. The journey from generating brand awareness to getting a prospective customer ‘through the shop door’ so to speak, can vary in its length and complexity and getting a browsing shopper in front of their products online is just the first step.

During the browsing process there are many reasons a shopper might leave the website, only a few of which can be controlled by the retailer themselves:

  • They don’t find anything they like
  • Size or colour are not available
  • Prices are higher than expected
  • They’re just seeing what’s available for a future purchase

When a shopper has found something they like and added it to their cart, there’s still a whole bunch of reasons they might abandon completing the purchase and most of these can be influenced by the retailer:

  • Complicated check-out
  • Lack of payment options
  • Concerns about the security of payments
  • They found a cheaper option on another website
  • Shipping costs are too expensive
  • It doesn’t ship to their location
  • Unclear returns and refund policy
  • Can’t check out as a guest
  • Technical issues

Approximately 6% of shoppers abandon their shopping carts due to there being limited payment options on offer. 6% doesn’t sound like much but in the global retail market this translates into millions of pounds. Offering open banking options is just one way a retailer can help reduce shopping cart abandonment due to payment and refund issues. This means more revenue for the retailer and a cost-effective, easy-to-use method for managing transactions.