Big global shopping events, such as the highly anticipated Chinese Singles day this weekend, provide the platform for healthy competition to secure the best bargains. Yet, many retailers are unprepared to make the most of the potential increase in sales. Recent research by PPRO Group found that 67% of UK consumers have abandoned an online retail transaction simply due to the payment process. This is a simple, yet costly mistake that retailers are continuingly failing to address, meaning lost sales, lost customers and lost opportunities to capitalise on festive shopping frenzies.
Customers expect a smooth and seamless shopping experience online, including the payment process. In fact, 90% of consumers expect a variety of payment methods to choose from when they shop online. If retailers don’t offer this, consumers will simply shop elsewhere. What’s clear is that online retailers are not recognising the benefits of offering the right payment methods, and that is a concern for retailers who are offering big discounts this month.
To add to the stress for UK retailers, British consumers are now increasingly shopping overseas. 70% of UK consumers now buy goods online from overseas retailers, further emphasising the popularity of global e-commerce shopping, and further illustrating the importance of offering a preferred payment during the busy shopping season.