Online retailers losing Gen Z customers over lack of digital wallet support
A new study from PYMNTS Intelligence found that online shoppers in the Gen Z demographic frequently abandon purchases when their preferred digital wallet is unavailable.
Cart abandonment rates by age group
More than one-third of Gen Z shoppers walked away from intended purchases in the last 30 days because they could not pay how they wanted. This rate stands at 36 percent, which is 1.7 times the overall average for all consumers. Millennials followed closely with a 31 percent abandonment rate due to payment limitations.
Financial impact on online businesses
Collectively, 40 million consumers in the Gen Z and millennial groups abandoned purchases in a single month according to the data. These actions result in massive profit losses for online retailers who fail to expand their payment options. The spending power of this younger demographic is expected to grow significantly by 2030.
Reported by one outlet
Only one outlet has published this. Nothing here has been checked against a second report, so read it as that outlet's account and follow the link below for the original.
Reported by
1 independent outlet. Headline as published. Links open the original report.