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Consumers more bullish on future of ecommerce even as inflation bites and retailers falter, finds Checkout.com research
Merchants invested heavily in ecommerce and digital infrastructure during the pandemic (60 percent of retail merchants have seen a significant increase in their tech budget in the past two years), and there is a great deal of opportunity to ensure their digital presence remains their competitive superpower.
However, data from the report shows that retail is facing a challenging environment. High costs are causing 76 percent of retailers to be worried about the financial health of their business. And more cautious shoppers are creating revenue concerns, as 80 percent of consumers say they will abandon their purchase if worried about the security of the payment. This makes it all the more vital that retailers ensure their payments are absolutely water-tight so that money is not left on the table.
Attitudinal data from the report shows that positive sentiment toward digital commerce and payments has continued to significantly increase over the past 12 months. Moreover, 33% of consumers report that ecommerce is appealing to them as part of their budgeting strategies, as it makes it easier to identify savings, while merchants see the opportunity to divest from physical and ramp up digital as a way to shore up their business when money is tight.
All of this is good news for retailers because it means their significant investment in digital commerce (triggered by the pandemic) will not go to waste. With over 60% of retail merchants reporting an increase in their tech budgets of 20-50% in the past two years. Consumers have an increasingly digital mindset and merchants can turn this to their competitive advantage if they are able to meet the needs of their customers and optimize the wider reach ecommerce offers their business.
"Retailers and consumers around the world are feeling the crunch of inflation and economic uncertainty," . "Yet against this bleak backdrop, there's ample reason for optimism about the digital economy. Consumers are emphatic that the future of retail is online. For retailers, unlocking growth is all about balance: finding ways to deliver smooth and delightful experiences while staying hypervigilant in a time of heightened fraud and chargebacks."
explores numerous additional topics, including how consumers want to engage with brands they can trust, discouraging impulse buys, increased appetite for digital payment methods and digital wallets, and consumer interest in purchasing from sustainable brands.
The report can be downloaded here: https://insights.checkout.com/the-retailers-handbook
The research was conducted amongst 9,000 consumers and 500 merchants across the U.S. and Europe . Countries covered are the U.S., UK, France , Germany , Italy , Spain , Portugal , and Greece . The consumer samples are census weighted and data in the report is typically compared across countries and age groups to give retailers a more granular view of their customer bases.
Checkout.com is a global payments solution provider that helps businesses and their communities thrive in the digital economy. Purpose-built with performance, scalability and speed in mind, our modular payments platform is ideal for enterprise businesses looking to seamlessly integrate better payment solutions. With a global team spread across 19 offices worldwide, we offer innovative solutions that flex to your needs, valuable insights that help you get smart about your payments' performance, and expertise you can count on as you navigate the complexities of an ever-shifting world. Find out more at
www.checkout.com
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