Latest research from Adyen shows that stores running out-of-stock, long queues and lack of payment options are the biggest frustrations for customers.
New data released by Adyen, the payments platform, has revealed that flawed customer experiences cost British retailers up to £102 billion in lost sales each year.
The research paired with 451 Research’s Global Unified Commerce Forecast found that running out of stock in-store is the biggest contributor to lost revenue, costing retailers £14.8 billion each year. Adyen’s research found that four out of five (79%) Brits would not return to make a purchase if they went into a store only to find their desired item was out-of-stock.
The important thing is to make the payment experience as seamless as possible
Queues in-store are the second biggest source of lost revenues, costing retailers up to £11.3 billion each year. Two thirds of Brits (66%) have abandoned their purchase and left a store because of long queues in the past six months. Only 22% said they would return to the store later or make a purchase on another channel.
Failing to create a link between online and offline stores, not offering a variety of payment options, a lack of contextual commerce experiences, not personalising offers and outdated payment systems are the other customer experience factors that contribute to lost revenue for retailers.
Adyen also asked consumers how retailers could improve the customer experience. The top results are:
- Accepting contactless payments (68%)
- Enabling people to skip queues by paying for items in-store via mobile app (55%)
- Accepting digital wallets such as Apple Pay or Google Pay (54%)
- Enabling customers to check a store’s stock levels online (51%)
- Buy now and pay later options (50%)
- Saving payments details on file to speed up the checkout process (48%)
Paul Marcantonio, Head of UK/Western Europe at ECOMMPAY, told TFT:
“The important thing is to make the payment experience as seamless as possible, which will help any eCommerce website avoid shopping cart abandonment and drive conversion. Checkout should be optimised for various channels, incorporating a native software development kit (SDK) for mobile applications and adapting the payment page to various screen sizes.
Features such as OneClick Payment, which registers card details for repeat purchases through a single click, or the Try Again button, which offers a second attempt at failed transactions, can be integrated to streamline the customer journey.”