Lost baskets are big business

The number one problem for online retailers is cart abandonment. According to a 2013 report from Mastercard online retailers experience a basket abandonment rate of some 60 per cent. We’ve all done it: put off or abandoned a purchase when confronted with yet another website or service wanting us to register with them and create a new account. Whether we didn’t have the time, or had concerns about the security, the hassle-factor involved in some online payment systems is now a big business and is costing retailers revenue. In fact, it’s estimated by Mastercard that the 60 per cent abandonment rate is actually equivalent to more than £1.5 trillion a year.

So, taking a look behind the numbers, what are the key causes of basket abandonment

  • Confusing and time consuming site registration Online shopping is supposed to take the hassle out of shopping, not complicate it. All too often it’s a tedious and fussy process. No one enjoys repeatedly entering the same details time and time again.
  • Security and trust When using less well known sites, perhaps searching for that last obscure Star Wars doll for your collection, there can be a nagging trust issue. Can you really be sure that your personal and banking details are going to be secure on completeyourcollection.com?
  • Second thoughts Even if you persevere through registration, account creation, personal and financial information, there is still sometimes one final step too far – maybe a layer of security that asks you to remember something, or an additional check page that just happens to break your patience and you finally say - “You know what? I don’t really need that limited edition Han Solo in combat gear doll” and the sale is gone – often forever.

With a system like Onescan we aim to overcome all of the above. One time registration means no more repeated entry of your details. Onescan is a trusted environment, so no matter what site you are looking at, you can trust the payment system. And Onescan is fast – from looking to buying in under ten seconds. We make an impulse purchase possible and we make it possible quickly. And let’s face, if the Hans Solo doll turns out to be not all it was claimed – then you simply return it and get your funds back.

Amazon uses its one click system to try to make online shopping easy on its site. Onescan has the power to make it easy on every site – and in stores as well. A simple, fast, and secure global payment and transaction system powered from your mobile phone. And with £1.5 trillion of sales going missing in a single year, that has to be worth investigating.

By Matthew Taylor

4th April 2014