Anyone who sells products online is confronted with different payment methods. It is indeed a fact that many sales transactions in online shops can still fail at the last moment if the shop does not offer the preferred payment method. Since aborted purchases are not only detrimental to sales, but also to the conversion rate, this should be avoided at all costs. Find out below which payment methods an online merchant should offer in any case.

85% of Austrians shop online regularly!

In January 2021, a representative e-commerce study was conducted on behalf of Mastercard Austria by the market research institute GfK, which examined the purchasing and payment behaviour of Austrians when shopping online.¹ 

These products are most frequently shopped online:

• 62 % Electrical goods
• 61 % Fashion
• 54 % Travel, hotels and flights
• 47 % Streaming services
• 36 % Delivery services

The survey also found that 71% of Austrians have increased their online shopping since the Corona pandemic. 85% order something online at least once a month and almost half of all participants stated that security is their top priority when paying. 

Online shopping in the EU

Of course, online shopping has not just been booming since the start of the pandemic. However, it is not just a look at Austria that shows that the e-commerce industry has been experiencing rising trends since the pandemic started. Almost three-quarters of internet users between the ages of 16 and 74 in the EU have shopped online in 2021, and among them, of course, are other countries where myhive offices can be found: Slovakia and the Czech Republic lead the way, followed closely by Germany , Slovenia, Hungary and finally Poland.² 

While the majority of 16- to 74-year-olds in the EU ordered clothing and shoes online, 31% shopped for movies, 29% for home accessories, furniture, and gardening products, 19% for medicines and 18% for groceries.³

These payment methods are most common

The most common payment methods in the Austrian e-commerce include purchase on account, payment via credit card and direct debit and bank collection. Klarna’s immediate transfer service, prepayment and PayPal are also far ahead. The more "classic" payment options still seem to be the most popular. More modern forms of payment, such as Apple Pay, bring up the rear with only 16%. 

A Europe-wide comparison also shows that credit card payment is one of the most popular payment methods. PayPal, payment by invoice and cash on delivery are also immensely popular within the EU.

Online shoppers continue to focus on secure shopping

As already mentioned, security plays almost the biggest role in online shopping when it comes to deciding for or against an online shop, which is why the popularity of purchasing via “buy now, pay later” does not seem to be waning. In addition to the security aspect, the fact that people - especially when shopping for clothing - like to order several items or the same item in several sizes also plays a role. This can add up to somewhat higher amounts, which can possibly exhaust the account. The fact that with the option of purchasing via “buy now pay later” you only pay for what you keep is another big advantage. 

Merchants should go with the flow

Online merchants should urgently investigate the most popular payment methods in their respective countries in advance and offer the preferred options. This will help them avoid abandoned purchases and increase the conversion rate!