CBI retail sales figures – retailers failing to match consumer demand
Svetlio Todorov, managing director at emerchantpay, says: “While the dip in retail sales is largely linked to weakening consumer confidence, ongoing global uncertainty is further heightening pressure on household spending, too many retailers are still overlooking a critical factor within their control: the checkout experience. Our research shows that seven in ten (71%) of UK consumers admit they are more likely to shop with retailers that offer a positive checkout experience.
“Consumers are increasingly expecting more flexible payment options that don’t compromise on security. Retailers who are unable to offer this are at risk of losing a competitive edge with increased cart abandonment, poor customer retention and lower sales rates. In fact, consumers are often wary of those retailers who aren’t able to offer a thorough range of payment options. In fact, 43% say they are nervous shopping with retailers that offer limited payment options and even struggle to trust them.
“In a challenging economic climate, getting the checkout right is one of the most immediate and effective ways to protect and grow revenue. Retailers need to partner with payments providers that can deliver both the technology and expertise required to meet evolving consumer expectations and support sustainable growth.”