Shopping Around For A Better Checkout Experience: Unprepared Merchants Are Left Behind

November 29, 2023

Inflation continues to change consumers’ spending habits. As wallets get tighter, shoppers take their time to shop around.

According to research conducted by payments integrator Adyen and digital payments integrator, Fime, the main points consumers focus on when shopping around are two: consistency in experience and payment schemes, and a more “sophisticated approach” when it comes to chargebacks and refunds.

The poll looked at UK consumers and businesses in order to better understand how they are adapting to inflation.

According to the poll, one thing that helps retailers stand out is the similarity between their online and their offline shopping experience.

62% of correspondents admitted they spend more time looking for the best deals and prices, while 25% take extra time evaluating products before they decide to purchase them.

Another important area retailers would do well to pay attention to, is the personalization of the shopping experience, as well as brand loyalty.

Almost one-third of consumers said they preferred using technology in-store because it delivered a better shopping experience, for instance, while 53% want to see more personalised discounting from retailers.

Unfortunately for retailers, barely 1 in 10 UK businesses have put any effort or money towards making sure the shopping experience is similar whether consumers shop online or offline.

According to Fime, it is also important that merchants provide a seamless checkout experience if they wish to thrive in this economy. Said seamless checkout experience includes easy-to-use interfaces, a variety of payment methods and secure payment processing, as well as the integration between payment solutions with other business processes and software, according to Fime’s VP of Consulting Arnaud Crouzet.

Crouzet adds that retailers who meet these demands have a better chance of winning and retaining customers.

According to Fime, domestic schemes such as the UK’s own Switch or Belgium’s Bancontact must offer seamless checkout experience and mitigate the risk of fraud.

(By) setting up dedicated programs to help low-risk merchants improve their transaction rates, and specific services for the automatically renewing cards on file, improving cut-off times for Merchant Initiated Transfer (MIT) splitting, and providing a delegated authentication programme that meets the needs and objectives of both merchants and banks.

It is important for merchants to adapt to changes as fast as possible. Having the best product or the best price are no longer the only factors influencing consumers; having a seamless, secure, fast, reliable and familiar checkout experience is also a major player in consumers’ decision making. 

Want to learn more? Check out Payments Cards and Mobile’s full write-up here.

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