British retailers leaving £8bn at online checkouts, Adyen

British retailers are losing an estimated £8 billion in revenue due to a lack of payment options online, such as digital wallets or international methods. That’s according to research by Adyen, involving 811 UK consumers and 95 senior decision makers.

Additional barriers such as lengthy payment forms and falsely declined transactions are also costing retailers £257 billion globally. Currently, 43% of UK retailers are unhappy with the performance of their online channel but just 34% are implementing a digital transformation strategy. Only 34% ranked improving the checkout experience as their highest digital initiative.

57% of Brits, meanwhile, said that fast and convenient payment options would increase their loyalty to a retailer. “The convenience of services like Uber means we have become accustomed to simple, quick payment processes, wherever we are in the world,” says Myles Dawson, UK Managing Director at Adyen.

“Given the borderless nature of online shopping, retailers need to ensure both domestic and overseas shoppers can pay quickly and easily. As we can see from our research, neglecting to offer the right payment methods is costing UK retailers dearly.”