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54 per cent of UK online businesses said they had noticed an increase in cart abandonment rates ... and not being able to pay with their preferred payment method is one of the most identified reasons for doing so.”
place to survive and thrive beyond the COVID-19 era.
Online businesses told us that they have already begun updating their checkout options following the onset of the pandemic. Over three quarters of UK businesses (78 per cent) told us that they had offered consumers new ways to pay, including accepting contactless payments upon delivery. Over a third (37 per cent) had integrated at least one new payment method into their online checkout.
And there is compelling reasoning for doing so. Three quarters of UK online retailers (75 per cent) said that they have noticed a change in the way consumers are paying since the outbreak of COVID-19. The most significant difference (identified by 37 per cent of businesses) has been the increased use of digital wallets. This is ref lected in our consumer survey; 54 per cent of UK consumers told us they had used a payment method for the first time during COVID-19 and 12 per cent of consumers told us that they had used a digital wallet
for the first time since the outbreak of the pandemic.
Security concerns are making an impact Consumers already demonstrating an appetite to use alternative payment methods isn’t the only reason online retailers must consider updating their checkout. Many of the most common issues online businesses traditionally face have also been exacerbated by the pandemic. 54 per cent of UK online businesses said they had noticed an increase in cart abandonment rates during COVID-19, and not being able to pay with their preferred payment method is one of the most identified reasons for doing so.
Security concerns are also preventing consumers, particularly those that are new to eCommerce or shopping with unfamiliar retailers for the first time, from completing transactions. Three-in-five businesses (60 per cent) say COVID-19 has resulted in consumers being more concerned about being a victim of fraud and the same percentage believe that consumers are increasingly
looking to make payments online using methods where their financial details are not shared.
Online retailers that haven’t expanded their checkout options already are more likely to come up against these challenges throughout Black Friday and the rest of the festive shopping season. The success of those that have may spur those businesses that are yet to upgrade to do so.
Looking further ahead Over a third (36 per cent) of UK consumers have already committed to shopping online more even when COVID-19 is no longer a factor in their decision making and a further 24 per cent are undecided. This is in the main an acceleration of a pre-existing shift to eCommerce that brands will need to adapt to, by speeding up their own digital development plans to futureproof through checkout upgrades.
Overall 60 per cent of businesses agree that offering more payment methods now is more important than ever. For others Black Friday has been the wake up call they needed.
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