Retail Technology
| Log in | Subscribe



Subscribe | Log in
Retail Technology
Subscribe

Online checkouts losing money for retailers

By Retail Technology | Thursday March 23 2023 | UPDATED 22.03.23

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.”

 

 

 

Related items

Danone trials research management tool

By Retail Technology | Retail Technology

Digital wallet use on the rise

By Retail Technology | Retail Technology

Walmart adds new research software

By Retail Technology | Retail Technology

Fat Face introduces multichannel customer feedback programme

By Retail Technology | Retail Technology

Consumers receptive to beacon technology

By Retail Technology | Retail Technology

Research predicts online sales of 45 billion in 2014

By Retail Technology | Retail Technology

RESEARCH: Products that deliver themselves

By Retail Technology | Retail Technology

More retailers plan network IP migration

By Retail Technology | Retail Technology

Subscription models leading the way, finds study

By Retail Technology | Retail Technology

Amazon tops retail multichannel benchmark

By Retail Technology | Retail Technology