Flawed customer experiences cost British retailers dear, Adyen research
UK retailers are losing up to £102 billion because of poor customer experiences, according to research from Adyen involving 811 Brits and 95 senior decision makers.
Paired with 451 Research’s Global Unified Commerce Forecast, this found that running out of stock in-store is the biggest contributor to lost revenue, costing retailers £14.8 billion each year. Four out of five Brits would not return to make a purchase if they went into a store only to find their desired item was out-of-stock.
Queues take the number two spot, costing retailers up to £11.3 billion each year. Two thirds of Brits have abandoned their purchase and left a store because of this in the past six months. Only 22% said they would return to the store later or make a purchase on another channel.
Adyen also asked consumers how retailers could improve the customer experience. The top results were:
Accepting contactless payments (68%)
Enabling people to skip queues by paying for items in-store via mobile app (55%)
Accepting digital wallets such as Apple Pay or Google Pay (54%)
Enabling customers to check a store’s stock levels online (51%)
Buy now and pay later options (50%)
Saving payments details on file to speed up the checkout process (48%)
“Creating an endless aisle by linking physical stores with e-commerce channels will help shoppers avoid disappointment by enabling them to check stock levels before they go into a store,” says Myles Dawson, UK Managing Director of Adyen.
“Ultimately, these figures show that the physical store still has a vital role to play in retail. But it needs to be supported by digital and online channels. Those retailers that link their online and offline sales channels to create a unified experience for customers can capitalise on a £102 billion opportunity.”