UK shoppers spent £104 billion online in 2014 - the first time annual spending has exceeded the £100 billion barrier. This is good news for those looking to start an online business or who are maintaining an established eCommerce site.
But are your online payments up to speed? When almost £1 in every £4 is now spent online and 37% of online sales are made on a mobile device, having a secure and reliable payment gateway is imperative. Nowadays, consumers want to shop at their convenience, whether that’s online, in-store or both – and on their preferred device. While online shopping is on the up, the lines between online and offline are becoming blurred with customers seeking the best payments experience across different channels, devices and use of various media. Providing a consistent brand experience across your channels is priority.
Now in its fifth year, Sage Pay’s Payments Landscape report provides an insightful portrait into emerging trends; from changing consumer preferences, to emerging innovations and new technology
Some of the findings include:
- The tailoring of the payments process is very or extremely important for 44% of consumers
- In 2015, 43% of businesses said their online and offline channels are integrated. A fifth of those who have not integrated their offline and online channels say they are planning to do so in the next six months
- There has been an increase in businesses which offer payments via social networks, up to 19% from 14% in 2014
Now is the time for businesses to use technology to better understand customers’ payment preferences and deliver popular payment methods. Shoppers appear to have a greater appetite for innovation than retailers, and they’re noticing the disconnect. In 2014 more than one in five consumers thought UK businesses were leading the way on payment innovation, but in 2015 this has fallen to less than one in six.
If you're wondering where you stand in today’s payments landscape, and what your customers (and potential customers) are looking for, then look no further than the 2015 Payments Landscape Report, which you can download in full here:
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This blog post has been sponsored by Sage Pay. Please note that whilst OpenCart recommends Sage Pay, all views and opinions in this blog post belong to Sage Pay and are not those of OpenCart. OpenCart is not responsible for any opinions or claims made in this blog post.