Shopping online can be quick and painless, but it can also be tedious and frustrating. If I feel that I’m getting the “third degree” before I buy something, I’m going to bail out and go somewhere else. If I want to make a purchase I shouldn’t have to call a contact center, mail physical documents about my identity or make an extra trip to the actual store to confirm my identity in person, I was clearly shopping online for a reason. It turns out nearly half of all online shoppers feel the same way. New research featured in, Fresh Business Thinking shows that losses were dramatically high for UK Etailers last year:
- More than £1 billion worth of online shopping transactions was abandoned last year by UK consumers because of concern around inefficient identity measures
- 1 in 5 of these abandoned transactions cancelled shopping online all together
- Total losses valued £214 million worth of new lost revenue for UK retailers
Kudos to Experian for investing in this research which seeks to quantify the problem. Some of the more advanced eCommerce sites have adopted fraud screening techniques that happen transparently, and allow me to quickly identify myself so I can get on with my day. And at the same time the online merchant can accept the order with a reasonable amount of risk. Getting the balance right is the key and seems to be a struggle for many eCommerce sites. TeleSign provides services that not only protect eMerchants from fraud but doesn’t unduly inconvenience the consumer.