- Research from payments fintech BR-DGE reveals the changing online checkout demands of UK consumers, with payment security and ease of use taking priority when shopping
- 83% of consumers surveyed said they were concerned about how their card details are being processed and stored during transactions by e-commerce businesses
- Two-thirds of consumers (68%) said poor experiences at the checkout have an impact on their willingness to buy online, highlighting the consequences of poor purchasing experiences for customer loyalty
Leading payment orchestration provider BR-DGE has revealed new research highlighting the changing payment needs of consumers when shopping for goods online, highlighting the importance of security.
UK consumer survey research has shown the importance of online retailers upgrading their payment security, with 34% of shoppers ranking data security and payment encryption as the most important element of a positive online payment experience. The survey of over 1,200 consumers, conducted on behalf of BR-DGE, highlighted the need for better security infrastructure to put them at ease when making payments. 83% of respondents said that they are concerned about how their card details are being processed and stored during transactions.
Demand for Frictionless Experiences
In addition to calls for greater security at the checkout, two-thirds of online shoppers (68%) are demanding a frictionless payment experience, noting that a poor experience at the checkout causes a negative impact on their willingness to buy online. A majority (52%) also stated that being taken away from the checkout screen for authentication may impact them going through with the transaction.
Furthermore, the research showed that avoiding failed transactions should be a priority for retailers, as 1 in 5 consumers (21%) claim failed transactions make them feel less confident in the seller. Nearly a quarter of shoppers (23%) also claimed that failed transactions reduce their confidence in the checkout itself.
With over 300 payment providers and technology solutions, BR-DGE’s platform works to reduce failed payments, combat fraud and wider consumer concerns by offering retailers a universe of payment options via a single point of integration. Retailers can easily upgrade their payment stack and bring themselves up to speed with modern consumer payment expectations in order to deliver a first-class payment experience, underpinned by the latest in anti-fraud technology.
Investing in Payments Infrastructure
Payment modernisation is more important than ever before for retailers, with the research revealing that 2 in 5 online shoppers (41%) spend online at least once every week. The Office for National Statistics (ONS) recently published data showing that 27p in every £1 being spent by shoppers was online, up from 19p in 20191. This research highlights the importance of online retailers investing in their payments infrastructure to ensure their systems are able to keep up with the changing payment needs of consumers and withstand periods of high transaction activity.
Mark Whybrow, Enterprise Sales Manager said “This research demonstrates how payments is becoming an increasingly important issue for consumers when they make purchases online. It is clear from the data that consumers are demanding more secure, frictionless payment experiences when shopping online with their favourite retailers. For retailers looking to increase their revenue from online channels, it is vital that they consider how they can adapt their checkout technology and payment journey to meet consumer needs.
“For e-commerce firms, this research highlights the opportunity to improve the customer experience of payments and reduce failed transactions by optimising their payments infrastructure. As consumer budgets tighten, the importance of offering a first-class end-to-end payment experience is even more important in order to build customer loyalty. At BR-DGE, we are excited to continue to support sellers that want to stay ahead of the pack and remove the pain points in the customer journey.”