UK retail: 8 ways to make the most out of a £102bn opportunity
£257 billion. That’s almost the GDP of Finland, 2 times Jeff Bezos’ net worth, or the cost of signing 1000 Neymars to play for your football club. This is also what businesses are losing out on through customers abandoning their shopping carts when buying online. Let’s take a look at some of the reasons for this.
In our report, we discovered that 7 in 10 shoppers abandoned an online shopping cart at least once in the past six months due to difficulties completing a purchase, resulting in that staggering figure of £257bn in lost annual sales. This can be attributed to two key issues:
1. A lack of support for mobile devices. Either a website not optimized for mobile, or a mobile website with limited capabilities.
2. Billing forms without an autofill function. The customer has made purchases through the site before but doesn't have their purse or wallet to hand and their details aren't saved.
Improving checkout experiences tops retailers' list of digital technology initiatives
Online shoppers want to use their preferred payment methods as they do in-store. In our report, we found that over half of respondents abandoned at least one online purchase due to their preferred payment method NOT being on offer in the past six months. This has resulted in £212bn in abandoned sales annually.
Although the overwhelming majority of retailers (91%) find it important to offer all payment options consumers are interested in using, they tend to support only a handful of payment options and limit their payment method mix to traditional methods, like cards.
Lack of preferred payment methods is especially an issue for cross-border shoppers. We found that over half of consumers made an online purchase with a retailer in another country, highlighting the global nature of ecommerce. Retailers must be conscious of the unique payment preferences of international shoppers. Today, just 42% of retailers see offering localized payment methods that cater to international shoppers as a very important initiative for their business.
Catering to local payment preferences is critical
In our latest retail report, we aim to lift the lid on the industry, providing key insights to help your business deliver great payment experiences. In this year’s edition, we focus on unified commerce and the opportunity it presents for retailers around the globe.
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