Ecommerce Retailers Urged to Prioritise Payment Security or Lose Out This Black Friday

According to new research released today, almost half of UK consumers (48%) cite concerns about payment security as a key reason for abandoning their shopping at the online checkout.

With Black Friday just days away, ecommerce businesses are being encouraged to optimise customer experience and specifically highlight payment security measures, or risk missing out on the opportunity the day presents to increase their sales, attract new customers and entice spending.

Commissioned by Mollie, one of Europe’s fastest-growing financial service providers, The European Ecommerce Report is an annual study of 10,000 consumers across Europe, to determine their views on what retailers need to do to attract, engage, and inspire them to purchase – and return.

The research shows that consumer expectations in the UK for a seamless shopping experience are among the highest in Europe, specifically around efficient checkout (89% cite this as important versus 81% European average). A good mix of payment methods (86%) and great customer service and support (83%) are also prioritised. 

Black Friday is a global shopping phenomenon that has become extremely popular in the UK, with the promise of bargain hunting and heavily discounted goods. Mollie’s Ecommerce Report shows that UK shoppers remain extremely cost-conscious. Almost half (47%) are heavily influenced by price and will go for the lowest, shopping around until they find it. As a result, 46% now say they do more research before buying and 40% say they are more likely to buy discounted items or wait for the sales before making a purchase (31%). 

Dave Smallwood, UK Managing Director of Mollie, said: “Black Friday marks the official start of a season of increased ecommerce traffic, engagement and heightened spending. It presents an unrivalled opportunity for online businesses to showcase their product offerings and encourage purchase. 

Our latest European Ecommerce Report reveals that customer expectations around that experience are extremely high. Those businesses that can offer reassurance about payment security, offer a mix of payment options and ensure an efficient checkout process, have the opportunity to generate substantial revenue and, crucially, incentivise shoppers to return another time, driving future growth.”

Mollie is on a mission to make payments and money management effortless for every business in the UK and Europe.