Payment security remains top concern for UK consumers when shopping online; new research from payments fintech BR-DGE reveals.
The online checkout demands of UK consumers are changing fast, with the latest findings of BR-DGE identifying payment security and ease of use as two top priorities for e-commerce.
The payment orchestration provider’s research follows the rising importance of online retailers upgrading their payment security.
Its survey of 1,252 consumers signals the necessity for better security infrastructure throughout the online payment process.
The data indicates that 83 per cent of respondents have concerns about how merchants process and store their card details during transactions. Additionally, 34 per cent of respondents consider data security and payment encryption as the most crucial aspect of a satisfying online payment experience.
Demand for frictionless experiences
In addition to calls for greater security at the checkout, 68 per cent of online shoppers are demanding a frictionless payment experience, noting that a poor experience at the checkout harms their willingness to buy online.
A majority of 52 per cent also stated that being taken away from the checkout screen for authentication may impact them going through with the transaction.
Furthermore, the research showed that avoiding failed transactions should be a priority for retailers, as one in five consumers claim failed transactions make them feel less confident in the seller. Nearly a quarter also claimed that failed transactions reduce their confidence in the checkout itself.
Investing in payments infrastructure
Payment modernisation is more important than ever before for retailers, with research revealing that 41 per cent of online shoppers spend online at least once every week.
The Office for National Statistics (ONS) recently published data showing that 27p in every £1 being spent by shoppers was online, up from 19p in 2019. This research highlights the importance of online retailers investing in their payment infrastructure to ensure their systems can keep up with the changing payment needs of consumers and withstand periods of high transaction activity.
Mark Whybrow, enterprise sales manager at BR-DGE, explains how payments are becoming an “increasingly important issue” for e-commerce consumers.
“It is clear from the data that consumers are demanding more secure, frictionless payment experiences when shopping online with their favourite retailers,” Whybrow comments.
“For retailers looking to increase their revenue from online channels, it is vital that they consider how they can adapt their checkout technology and payment journey to meet consumer needs,” he continues.
“For e-commerce firms, this research highlights the opportunity to improve the customer experience of payments and reduce failed transactions by optimising their payments infrastructure. As consumer budgets tighten, the importance of offering a first-class end-to-end payment experience is even more important in order to build customer loyalty,” concludes Whybrow.