Research and Reports
The Worldpay Consumer Behaviour and Payments Report
WORLDPAY EDITORIAL TEAM
October 28, 2019
Turning Consumer Insights into Valuable Customer Interactions
The way consumers shop and buy is constantly evolving, with new technology having an unprecedented impact on the customer experience.
In August 2019, we surveyed over 2,500 consumers across the UK and analysed their purchasing behaviour across different buying channels. The results of our survey serve as an important source of information for UK businesses and provide insight into today’s consumer behaviour.
The key takeaways
1. Be prepared for the rise of social shopping
For Generation Z, purchasing and searching for products online is the norm. Social media has a strong presence in the purchase journey. If you’re a retailer looking to target the younger generation, you’ve got to develop your social strategy and understand how the experience expectations can be replicated through the payments journey on your site.
2. Improve your mobile experience
Usability is one of the main reasons people aren’t using a phone to buy online.To solve these issues, it’s vital that retailers make mobile payment journeys easy, efficient and accessible.
3. Think carefully about delivery charges
Having to pay delivery isn’t popular among consumers, so consider providing a variety of options that trade off speed for cost. Data suggests that they would be attracted to a retailer that’s able to be very specific about when that all-important product will arrive.
4. Seize the opportunity of Biometrics
Today many consumers are still cautious about biometrics and their adoption as proof of identity. Much like mobile and social payments, it probably won’t be long before fingerprint scanning, facial recognition and other biometrics become the ‘new normal.’
5. Don’t mess around with data security
With 53% of consumers either extremely or very concerned about their private/personal data being compromised or hacked, you need to make a concerted effort to reassure your customers and establish trust. All retailers should be aware of the importance of all-round security and perceptions about their website. A data breach has the potential to be a reputation killer – and investment in security and fraud prevention is a must.
6. Provide a range set of payment options
There’s a desire for a wide range payment options, particularly among young people. If you’re a retailer, think about how comfortable you would be with offering measures such as payment in instalments. At the same time, you probably don’t want to stop accepting cash just yet – but you probably do need to ensure you’re prepared for digital payments to take over in the future.