Blog

Frictionless Checkout Ecommerce Bank

Frictionless Payments Improve Conversion Rates

Providing a seamless payment experience directly impacts whether a shopper completes their purchase. The fewer the steps, the lower the friction—and the higher the conversion.

Generational Differences in Cart Abandonment Behavior

Millennials and Gen Z Lead in Cart Abandonment

  • Millennials abandoned an average of five carts in the past 30 days.
  • Gen Z follows closely, averaging four abandoned carts.

In contrast:

Baby Boomers and Seniors Abandon Far Fewer Carts

  • Averaging less than one cart abandonment in the same period.
  • This suggests older generations shop with more transactional intent.

Why Younger Shoppers Abandon Carts More Often

Generational cart abandonment may be tied to:
  • Ease of browsing
  • Abundance of choices
  • Search for better deals or discounts
  • Using carts as a temporary wishlist or comparison tool

Where Cart Abandonment Is Most Common

High Abandonment in Clothing and Accessories

  • Millennials and Gen Z average two abandoned carts in this category.
  • That’s five times higher than boomers or seniors.

Lower Abandonment in Groceries and Big-Ticket Items

Categories with the lowest abandonment rates across all generations:

  • Groceries
  • Electronics
  • Home furnishings and appliances

These purchases tend to be more deliberate and immediate.

How Merchants Can Reduce Cart Abandonment

Streamline the Checkout Process

  • Offer frictionless, fast payment flows
  • Remove unnecessary form fields
  • Optimize for mobile-first shoppers

Give Shoppers the Payment Methods They Trust

  • Include Pay by Bank and digital wallets
  • Minimize drop-offs due to lack of preferred options
2024-08-04 23:42