“It is vital for online retail outlets to make sure the transaction process is as fast and simple as possible.”

A staggering half of consumers are abandoning online purchases during the validation stage due to the lengthy time it can take, new research by Experian has found.

Retailers are losing a staggering £2.3 billion when their online sites require users to spend more than 5 minutes going through identity and security procedures.

User tolerance times:

People go straight to your competitor!

Nearly half (47%) of users abandon a transaction in favour of a competitor site, 20% simply gave up and just 17% tried again later. That’s why it’s so important to spend time getting your experience as good as it can be.

Nick Mothershaw, director of identity and fraud at Experian, said: “Our research shows that retail businesses are at risk of losing out on trade as thousands of consumers are taking their custom elsewhere. It is therefore vital for online retail outlets to make sure the transaction process is as fast and simple as possible, without compromising the level of site security, in order not to miss out on business.”