The top factor impacting consumer purchasing decisions when buying online, was the speed of the checkout experience
BR-DGE publishes research indicating checkout time impacts purchasing decisions for 1 in 4
Last week, payment orchestration provider BR-DGE revealed new research that highlighted the change in payment needs of consumers when purchasing travel and holidays online.
The survey of over 1,200 consumers, conducted on behalf of BR-DGE, highlighted the need for frictionless payments as 1 in 4 expect to spend less than three minutes at an online checkout before abandoning their cart.
It found that 29% of travel purchasers said they would abandon their cart if a failed transaction occurred. With 13.4% of consumer payment transactions failing across the travel sector, friction in the customer journey could lose the sale.
The top factor impacting consumer purchasing decisions when buying online was the speed of the checkout experience, with 27% of people choosing this.
This was closely followed by factors including loyalty schemes (26%), deals and offers at the point of sale (19%), and available payment options (12%).
Two-thirds of holiday goers said that they would feel comfortable using an express checkout system when purchasing a sizeable travel product or holiday package online, while features at checkouts such as greater authentication methods (42%) and more access to a variety of payment options (31%), improves the checkout and payment experience.
It also revealed that while only 5% of holiday goers were using flexible payment solutions, such as financing or Buy Now Pay Later previously, this has now increased to 42% of people open to using these when purchasing holidays.
Emily Whalley, travel vertical sales manager of BR-DGE said: “With the busy summer travel season fast approaching, consumers looking to buy holidays and flights are demanding more from their checkout experiences than ever before.
"Increasingly, speed is of the essence with shoppers looking for a quick and frictionless payment experience after often shopping for hours to find the best deal.
"We are also seeing that choice matters for customers as many are now looking for greater flexibility in travel purchases, such as paying via Buy Now Pay Later or using financing options.
“For travel providers, this data shows the importance of getting on the front-foot when it comes to delivering a quality payment and checkout experience.”