In the twenty years since the first secure, online purchase, consumers have come a long way in their use of the internet to buy goods and services, with 95 per cent of Britons now shopping online and one in four of us doing it every week. Over this time payment methods have needed to become more sophisticated in order to make purchasing via the internet an easy option and build trust with consumers, to convert their baskets into sales.
Our latest consumer research delves into the role that payment methods play in the online sales cycle, by surveying UK adults who shop online. Unfamiliar payment methodscan have a huge impact upon sales and by not giving customers a trusted option, merchants risk losing their share of the online shopping market.
In this paper, we highlight key findings from the research and offer insight into the culture of payments and how merchants can ensure they convert browsers into buyers.