Online shoppers will typically give up trying to make a purchase after four minutes if they have not been able to get through the retailer’s security checks, according to a new study
Research for Experian revealed that 44 percent of people had abandoned an online shopping transaction because the checks were taking too long and 43 percentturned to a competitor after becoming frustrated with lengthy procedures.
Fierce competition will take place among online retailers this month as customers look to grab the best Christmas bargains in the tough economic climate.
The Experian survey found younger adults had the least patience, with 13 percent of adults under 35 frequently abandoning security checks due to the length of time they take, compared with 10 percent of 35 to 54-year-olds and 8 percent of people older than 55..
Consumers were more tolerant when it came to banking procedures, being prepared to wait almost as long online as in branches.
Respondents were willing to undergo checks for five minutes when signing up for online banking, compared with six in branches.
Travel and insurance were also areas where people were prepared to wait for longer, typically for six minutes.