[…] Retailers continue to grapple with shopping cart abandonment. The availability of preferred payment methods is a critical factor in consumers’ online shopping decisions. According to a new report, 70% of consumers consider the availability of their preferred payment method to be very or extremely influential when choosing an online store. This preference appears to be a driver of cart abandonment rates across online platforms. Online marketplaces seem to have a competitive edge in this area. The study found that 53% of shoppers believe online marketplaces are the best at offering their preferred payment methods. In contrast, only 22% of consumers hold the same view about brand websites. This disparity may explain why brand websites experience higher cart abandonment rates, with an average of eight abandonments in the last 30 days compared to six on retailers’ sites and seven on online marketplaces. The data suggests that expanding payment options could be a strategy for reducing cart abandonment, especially for brand websites. [PYMNTS] …