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Ecommerce

Retailers risk frustrating online shoppers with out-of-date payment technology

Wednesday 16 May 2018 | 10:39 AM CET

More than 72% of retailers have not introduced any new payment technology to their website in the last two years, according to a Barclaycard research.

While 86% of retailers say they are looking to increase online transactions over the next 12 months, the study uncovers the fact that many are not keeping payment technology up-to-date, which would helps retailers provide shoppers with a fast experience at the online point of sale and could help reducing online abandonment.

Moreover, the study shows that retailers could be missing out on GBP 18 billion in sales each year, as consumers abandon online baskets worth almost GBP 30 a month. Barclaycard research shows that 15% of shoppers have chosen to abort an online purchase because they could not pay using methods such as ‘one-click’ ordering, while 16% highlight long checkout processes as their biggest frustration when buying online. One in five (22%) consumers also say they would like to see more retailers incorporate faster payments technology into their websites to speed up the check-out process.

Meanwhile, retailers that have introduced new payment technology to their website are reaping the rewards. 96% say this has enhanced the online experience for their customers, and 64% say payment processing is faster.

The customer research was conducted by Opinium, surveying 2,001 adults (18+) from 26/03/2018 – 03/04/2018 with a sample of 2,004 people who have abandoned an item online. Merchant research was conducted by Opinium, surveying 314 senior managers in retail (companies with an online presence) from 26/03/2018 – 05/04/2018, according to the press release.

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