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Global m-commerce ‘to take over desktop shopping by 2023’

UK consumers are on an endless mission for convenience as mobile continues its ascent to dominance as the most popular shopping channel.

Growing at a rate of 16 percent annually in the UK, m-commerce is set to be worth £88.1bn by 2022, according to new data from Worldpay.

In its annual Global Payments Report, Worldpay found the total eCommerce market in the UK is set to grow by 40 percent between now and 2022 to £240bn (9 percent CAGR).

E-wallets in particular are favoured when purchasing via mobile, currently making up 23.2 percent of online payments in the UK.

This is set for rapid growth driven by increased smartphone ownership, faster mobile networks and consumers continually looking for a more seamless payment experience. The predicted rise in mobile commerce is a strong vote of confidence for the security and convenience of the UK’s digital payments.

Worldpay’s report, which examines online shopping in 36 countries across five continents, found that m-commerce currently accounts for 38 percent of the £990 billion in global eCommerce sales, and global m-commerce is set to grow a staggering 19 percent over the next five years.

The largest markets in the world for m-commerce are China (£0.57 trillion), U.S. (£0.16 trillion), UK (£48.8 billion), Japan (£26.4 billion) and South Korea (£22 billion).

Motie Bring, general manager for the UK, Global Enterprise eCommerce, at Worldpay Inc. said: “The UK in particular is a highly-developed market, and with 99 percent of the population connected to the internet[1], e-wallets are clearly the future of mobile commerce for shoppers – but this is only the beginning. The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before, prompting consumers to ditch desktop in favour of their smartphone or tablet.

To stay ahead UK merchants should invest in their own apps, building a seamless shopping and checkout experience across every device, and support the most popular payment methods.”

Worldpay has published guidelines for merchants to help capitalise on the global mCommerce opportunity:

  1. Consider developing a branded app. We know that 71 percent of shoppers prefer apps over mobile browsers when shopping on their smartphone, and many say they won’t buy from a business that doesn’t have an app.[2] It’s no longer enough to just have a mobile-optimised website – if you’re not prioritising a transactional app for your brand, you’re not putting your best foot forward.
  1. Make it easy and use biometrics to speed up the journey. Shoppers are becoming increasingly familiar with the concept of fingerprint scanning and facial recognition, so they do not shy away from using these methods as a form of authentication. Biometrics place payments at the back of the user’s mind, giving them a faster and friction-free experience, making the payment seem ‘invisible’.
  1. Identify the most popular payment methods in each territory in which you operate. There are huge differences in payment preferences across the world, and alternative payment methods are gaining share over traditional credit and debit cards. There’s no one-size-fits-all in any region so you’ll need to understand the best options for your company.

Retailers that shun technology risk major dip in consumer confidence…

Three quarters (75 per cent) of UK shoppers say they have more confidence in retailers that use up-to-date technology, with Londoners and the under-35s considered the most judgmental. 

Conducted to support the launch of Worldpay’s My Business Hub till system – an all-in one, tablet based point-of-sale (POS) created to help independent retailers transition into the digital age – the payment company’s research found that 80 per cent of respondents in these demographic groups said they are more likely to trust retailers that utilise up-to-date technology than those that do not. Many state tech-savvy retailers come across as more professional and committed to improving the overall experience. 

Among the 2,000 consumers surveyed, only seven per cent said they had concerns that technology could get in the way of delivering the type of experience they were looking for in-store. 

Retailers that refuse debit and credit card payments provoked a particularly strong reaction within the research, as one in five under-35s said they would be concerned about the quality of products in stores that only took cash, and a further 22 per cent have abandoned purchases when their preferred payment option is not available.  

Dave Hobday, UK managing director at Worldpay, said: “Consumers still have a strong connection to the high street, but technology has transformed their expectations. Today’s digitally driven shoppers want to be able to research their purchases online, seek advice from staff in-store, pay in any way that they choose, and return items at the click of a button. Businesses that fail to offer that level of service are increasingly viewed with suspicion. 

“80 per cent of consumers think retailers could be making better use of technology to improve the instore experience, so it’s reassuring that similar proportions of high street businesses see technology as holding the key to their future survival. Innovations like My Business Hub ensure that great technology is easily accessible to all business. Small businesses need to embrace change and digitally evolve in order to thrive as part of a modern and diverse high street.”   

Cash only payments, handwritten receipts and the lack of a website were among the main ‘technology triggers’ which led consumers to think twice about whether or not to part with their money. 41 per cent of consumers said trustworthy retailers make it easy to pay by card as well as cash; while 39 per cent said they trusted retailers who offered digital receipts to make returns easier.  

Learn more about ‘MyBusinessHub’ here