Around 69% of consumers aged between 18-24 “shop and drop” online by abandoning their shopping baskets mid-purchase, according to Barclaycard Payment’s latest research.
This has resulted in retailers missing out on £6.5bn from Generation Z shoppers, compared to a £3.5bn loss among the over 65s.
According to Barclaycard’s survey of shoppers, a third (33%) of Gen Z enjoy virtual window shopping without the intention of ever buying, while 26% leave items in baskets with plans to return at a later date.
Marc Pettican, the president of Barclaycard Payments, said: “It’s vital online retailers understand and cater to the preferences of all their customers, but it’s the unpredictable behaviour of younger shoppers most likely to have the biggest impact on the bottom line.
“Our research shows this group tend to be less patient, less loyal and more likely to drop out at the point-of-purchase than their older counterparts.”
He added: “More broadly, with online shopping continuing to grow and the deadline for full SCA compliance looming, retailers need to remove as much friction as possible from the checkout process.
“Products such as Barclaycard Transact can help to speed up customer verification and reduce the sales merchants miss out on through abandoned baskets.”