Retail Payments and Changing Consumer Demands
Feb 10, 2022 · 2 minutes
The pace of change in the retail industry has been blistering. Online retail, in particular, has boomed over the past two years as lockdowns sparked behavioural shifts with 43% of online shoppers making more purchases over the course of the pandemic. But whilst the typical consumer may have shifted to shop online because of events out of their control, what are online shoppers demanding from payment experiences? How has the pandemic changed their views, perceptions and expectations of shopping online?
We asked over 2,000 UK shoppers to try and understand how attitudes have changed and to gain an insight into the factors that matter most to them which merchants can use as building blocks to create the perfect payment experience for their customers.
What did we find?
Only 4 in 10 shoppers feel that retailers always meet their payment expectations. This was down to a combination of factors including:
Frustrations with card payments (26% of online retail shoppers abandon their baskets at least once a month because it took too long to input details).
Refunds (43% of consumers who have requested a refund for an online purchase have had to chase for a refund, leaving 65% frustrated).
Security (26% of online shoppers are concerned about their card details being stored incorrectly and insecurely).
These experiences are putting consumers off, as just under 2 in 5 respondents who shop online said they have actively decided to shop elsewhere because of a poor payment experience online.
What can retailers do?
66% of consumers are open to trying new methods of online payment showing that there is scope for merchants to create a better experience for consumers, meet their demands and drive growth through positive customer sentiment.
Catch our on-demand webinar Retail Payments and Changing Consumer Demands
We were joined by John Lunn (CEO and Founder of Gr4vy) and Dave Wiltshire (CEO and Founder of Patchworks) to discuss the results of our research and how to improve payment experiences at our Retail Payments and Changing Consumer Demands webinar.
As consumers become more demanding of instant gratification experiences, our panel explored how consumer payment demands are changing and how retailers can leverage these demands to encourage conversion and increase brand sentiment.
Dig into the research
Inspired to craft the perfect experience for your customers? You’re in luck as our Retail Payments Reinvented report is available to download for free including all the results and analysis from our research.