Retailers are failing to fix payment problems which are leading to a loss in sales.
According to research by Adyen, nearly all retailers (85%) understand a poor payment experience leads to a loss of sales, but only 27% are investing in fixing the problem.
Nearly half (45%) of shoppers abandon in-store purchases due to payment problems while a third (32%) fail to complete online orders.
The survey of 500 retailers and over 2,200 consumers concluded that a lengthy payment process was the top reason for an abandoned purchase. Poor implementation and lack of relevant payment options were also given as reasons for not completing a sale.
“Consumers want their shopping lives to be as hassle-free as possible. While some people still enjoy the social occasion of shopping, most just want to pick their items, pay for them and leave. Streamlining the payments process will not only close more sales, it will win loyal shoppers,” said Myles Dawson, UK country manager for Adyen.
“It’s no longer a question of cash or card, shoppers want a variety of payment methods, from pre-paid wallets to mobile methods. With so many new payment options emerging, retailers need to work with a provider that can help them keep up with consumer expectations. Get payments right, and you’ll have an edge over the competition, but you must act now to have the advantage.”
