UK: E-tailers overlooking payment method preferences witness customer losses

Thursday 21 August 2014 14:23 CET | News

Online retailers who neglect customers’ preferred payment methods record notable decrease in sales volume, according to research by international electronic payment specialists, The PPRO Group.

Moreover, 68% of UK consumers have abandoned an online retail site due to the payment process. Over half of these (57%) left because the process was too complicated, while 46% didn’t complete the transaction as the merchant didn’t offer them their payment option of choice.

In terms of regional payment preference, the preferred payment method for UK consumers is PayPal (45%), followed by credit cards (22%) and debit cards (23%).

In the Netherlands, almost two-thirds (65%) of all transactions are carried out using the iDEAL online banking system and in Germany and Austria most digital buyers prefer payment on account and via direct debit.

By failing to understand the preferences in each country, merchants can lose sales, as 9 out of 10 (92%) of UK consumers are not happy to pay via a method they had not heard of.

Consumers also expect variety when it comes to payments, with 88% of UK consumers wishing to have the option to pay by a number of options when they shop online.

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Keywords: UK, e-tailers, retail, online payments, preference, customer loss, online sales, merchants
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce