The amount of items that Generation Z in the UK spend on "add-to-cart" products is as high as £6.5 billion per year

According to a survey conducted by Barclaycard Payment Bank on June 25, 2018, 18 to 24 - year-olds in the UK Among Generation Z consumers , 69% abandon shopping carts worth an average of £156.40 per month , which means retailers lose up to £6.5 billion each year.

In comparison, the total value of items abandoned in shopping carts by young consumers of Generation Z is almost twice that of those aged 65 and above . The survey pointed out that "online window shopping " is the main reason for these young consumers to abandon orders, which means that they will browse the list like shopping in a mall without ultimately purchasing the goods.

In addition, 29% of Generation Z respondents said that the lengthy payment process is also an important reason that discourages them from placing an order, and 26% believe that online orders cannot be received immediately like offline shopping, which makes them unwilling to participate in online shopping.

The data shows that fashion items are the most likely items to be abandoned by Generation Z ( 40% ) , followed by technology products ( 25%) and food and beverages (23%) .

It is worth noting that among respondents over 65 years old, fashion items are also the most abandoned products , accounting for 18% of the total . In addition, high express delivery costs ( 39%), adding items to the shopping cart to buy later (36%) and cumbersome checkout processes (19%) are also the most common reasons for abandoning online shopping .

Currently, according to data released by Barclays Bank , the online transaction market is continuing to grow , with a year-on-year increase of 45.9% , and in China alone, they process nearly half of China's credit card and debit card transactions .

However, new industry regulations requiring banks to add more payment steps to protect consumers from fraud have increased checkout times , which in turn has hurt online sales.

Marc Pettican , president of payments at Barclaycard, said: “It is vital that online retailers understand and cater to the preferences of all customers. Our research shows that Generation Z consumers tend to be less patient and less loyal than older consumers, and are the most likely to give up when shopping online.”

Therefore, we would like to remind all retailers to simplify the payment steps as much as possible so as not to lose the hearts of this large consumer group, Generation Z.

U.K.

Generation Z

Online shopping