Flawed customer experiences cost UK retailers GBP 102 bln, Adyen study shows

Thursday 16 May 2019 00:13 CET | News

According to a new study by Adyen, flawed customer experiences cost UK retailers up to GBP 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 GBP 14.8 billion each year. Moreover, 79% of UK consumers would not return to make a purchase if they went into a store only to find their desired item was out-of-stock.

Queues in-store are the second biggest source of lost revenues, costing retailers up to GBP 11.3 billion each year. 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.

When it comes to improving the customer experience, consumers believe that retailers should:

  • accept contactless payments (68%);

  • enable people to skip queues by paying for items in-store via mobile app (55%);

  • accept digital wallets such as Apple Pay or Google Pay (54%);

  • enable customers to check a store’s stock levels online (51%);

  • buy now and pay later options (50%);

  • save payments details on file to speed up the checkout process (48%).

For more information about Adyen, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: Adyen, ecommerce, retail, UK, Apple Pay, Google Pay, pay later
Countries: World