According to a report by global software payments firm, Planet, payments have become a crucial factor in the overall shopping experience for British consumers. The research, which surveyed over 7,500 consumers across 19 nations, found that 53% of UK consumers consider finding retailers that accept their preferred payment method as crucial to having a “great shopping experience”.
Surprisingly, the report revealed that payment acceptance methods rank higher in importance compared to other aspects such as the ease of exchange and return processes (47%) and the visibility of shop stock on the website (32%).
The study also examined the influence of payment preferences on international shopping behavior. The availability of new and unique products played a significant role in the decision to shop abroad for 50% of respondents. Lower prices (46%) and the opportunity to save money through tax-free shopping (41%) were also motivators for cross-border purchases.
Moreover, the report highlighted the significance of payments in brick-and-mortar retail. Over half of Britons consider it highly important for their preferred payment method to be accepted in physical stores. This preference ranked higher than features like real-time stock availability checks by staff (37%) and home delivery for out-of-stock items (34%).
When it comes to online shopping, credit and debit cards remain the preferred payment method for UK consumers, with 74% expressing a preference for plastic. However, the data also suggests a growing popularity of digital wallets, as 29% of respondents stated a preference for using Apple Pay and Google Pay.
In terms of international tourists’ payment preferences, the report revealed varying trends. Saudis, Emiratis, and Americans predominantly favor cards (71%, 77%, and 75% respectively), while Chinese shoppers show a strong preference for Alipay and WeChat Pay (84% and 85%). American shoppers also exhibit a strong inclination towards PayPal (61%), Google Pay, and Apple Pay (44%) for in-store payments, indicating a growing popularity of digital wallets when shopping abroad.
Planet emphasized the importance of catering to international customers, as they tend to spend more per transaction than domestic shoppers. Luca Cassina, President of Retail at Planet, highlighted the need for retailers to create seamless and convenient payment experiences. Furthermore, he emphasized the potential of utilizing payments data to better understand customers and drive loyalty. Planet aims to empower retailers with a connected commerce platform that offers shoppers more choice, convenience, and customization, ultimately leading to a more enjoyable shopping experience.
Useful links:
– The Paypers
– Retail Dive
