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Paysafe research: How online merchants can grow sales ahead of holiday season
With the holiday season around the corner, and consumers indicating they are changing their shopping habits, this is a critical time for merchants to reevaluate their checkout experience, as 64% of US consumers would abandon a purchase if faced with checkout complications, according to new research from Paysafe (NYSE: PSFE).
The leading payments platform found that offering a broader range of payment options is vital today both to large and small online businesses. Despite the continued popularity of traditional payment methods such as debit cards (63%) and credit cards (53%) for holiday shopping, the results showed a noticeable shift toward alternative payment methods (APMs). For instance, 48% of US consumers favor digital wallets when shopping online during the holiday season, 40% regularly use bank transfers and 29% are embracing online cash payment solutions, also known as eCash. Globally, these numbers rose to 41% for bank transfers and 25% for eCash payments.
The research surveyed 14,500 consumers across Europe, North America and Latin America – 2,003 of which were from the US – for Paysafe’s Lost in Transaction 2023: The Disposable Income Report – How consumers are changing their discretionary spending.
The study also found that the increased cost of living will markedly change shopping habits this holiday season, with 78% of US consumers planning to adjust their spending. With budgets for the majority tight, 32% plan to spend less on gifts, 21% less on food and drink, and 19% will spend less on socializing and entertaining during the festive season.
While 22% of US consumers indicated they planned to take advantage of seasonal deals to help manage their budget, 21% said they had prepared for the heightened costs of the holiday season by saving earlier in the year.
Commenting on the research, Rob Gatto, Chief Revenue Officer at Paysafe, said: “There is more competition than ever between retailers to ensure they are the final shopping destination for consumers. Merchants who offer multiple payment methods and a seamless payment experience will create differentiation, cater to new audiences and increase conversion rates.”
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