Consumers are seeing many benefits from shopping online and the positivity wave shows no signs of slowing down.
The Global Retailer’s Handbook found that 81 per cent of consumers believe the future of retail is online.
“This reality reiterates how important it is for retailers to optimize their online infrastructure so that their business can thrive in the evolving digital economy,” said the announcement from Checkout.com, a cloud-based global payment solutions company that commissioned the report.
The group found that many merchants made deep investments in e-commerce and digital infrastructure during the pandemic — 60 per cent of retail merchants saw a significant increase in tech budgets over the last two years.
“There is a great deal of opportunity to ensure their digital presence remains their competitive superpower,” it said.
High costs are top of mind for businesses while security is what consumers think about most. Three-quarters of retailers said they’re worried about the financial health of their business due to rising costs.
Businesses may feel even more squeezed if consumers don’t feel their payments will be made securely — 80 percent of consumers reported they will abandon their purchase if worried
“This makes it all the more vital that retailers ensure their payments are absolutely water-tight so that money is not left on the table,” the report said.
A third of consumers said shopping online is preferred because they can more easily compare prices and spot deals.
“Consumers are emphatic that the future of retail is online,” said Leela Srinivasan, chief marketing officer at Checkout.com. “For retailers, unlocking growth is all about balance: finding ways to deliver smooth and delightful experiences while staying hypervigilant in a time of heightened fraud and chargebacks.”