74% of Europeans will not reduce online shopping
Three in four European consumers (74%) say they will stick to their pandemic online shopping levels, which means they will not cut back on their e-commerce activities now that they can shop off again. line. So it looks like the shift to e-commerce is here to stay.
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During last year’s closings, 96% of European consumers shopped online. This is up from 60% a year earlier. And it looks like the shift to online shopping is here to stay. Because 74% of consumers say they have no plans to significantly cut back on online shopping now that they can access Main Street stores again.
Not prepared for an increase in cross-border payments
This is shown in ‘the new state of retail‘, a Checkout.com report, among more than 10,000 consumers and 500 online retailers. One of the main findings is that 43 percent of retailers said they were unprepared for last year’s surge in cross-border payments across Europe. They did not have the necessary payment methods to capture demand from new European markets. This resulted in a loss of income.
80% of consumers expect to use new payment methods such as BNPL or crypto.
Strong demand for new payment methods
At the same time, 80% of consumers expect to pay using new payment methods such as Buy Now Pay Later, crypto, and digital wallets. And 30% say they are now actively interested in trying new payment methods based on their digital payment experiences over the past year. One in eight consumers has used a new digital payment method for the first time.
Weak points in localization performance
The report also examines the opportunities for online retailers. Localized laser payments are expected to lead to optimized revenue, but there are still localization performance issues, according to Checkout.com. For example, 74% of online retailers do not offer all payment pages in the local language. And two out of three don’t offer local payment methods in all of the countries they serve.
And 83% of online merchants do not have direct access to a local acquirer in every key market in which they operate. “It can have a negative impact on approval rates,” suggest the authors.