Online checkouts losing money for retailers
New research from open banking platform Yapily reveals businesses are potentially losing up to £656 million in missed revenue at the last mile
The research, which polled 2,000 adults in the UK, found that 52% of those surveyed have ditched at least one online purchase in the last 12 months due to a poor experience at the online checkout. This figure soared among younger generations to 70% of those aged 16 to 24 and 64% of 25 to 34-year-olds.
The need to manually input card details (25%), merchants not accepting their preferred payment method (19%), and payments being blocked due to suspected fraud (15%) were among the most popular reasons for consumers abandoning their online purchases.
Abandoned sales were mostly priced between £21 and £60 (69%) and £61 and £100 (25%), with the average value of a discarded shopping basket sitting at £30.
Founder and CEO of Yapily, Stefano Vaccino, said: “In times like these, payments are becoming a more critical and strategic focus for every business. New payment innovations like open banking are enabling businesses to realise this, transforming payments from a cost-reduction exercise into a way to increase performance and grow revenue. To stop poor payer experiences eating into their profits, businesses and payment service providers should listen to what consumers and merchants are asking for – a faster, cheaper, and more secure way to pay.”
