News • 25.03.2021

Retailers cite conversion optimization as the #1 ecommerce challenge

State of payments across retail in Europe

A silver credit card is standing between the buttons of a laptop keyboard...
Source: © PantherMedia/lemonpink

Mollie, payment service provider in Europe, has published research unveiling the state of payments in retail today as well as the challenges and opportunities in the retail market following a turbulent year. 

For example, when asked the biggest challenges in online retail, 65% retailers cited converting shoppers to purchase, 43% rated high costs for shipping or payment providers and 41% selected low margins. And for a third of online retailers (34%), cart abandonment is the biggest challenge with 30% reporting that 6-10% of carts were abandoned.

Additional key findings include: 

  • EU and UK merchants rely on a multitude of channels to sell

As bricks and mortar shops closed their doors, online has become far more important. Specifically, 46% of all revenue now comes from an online webshop. And on average, 37% of sales occur via third-party marketplaces such as Amazon. Finally, as much as 16% of annual revenue now comes through social media platforms like Instagram. 

  • Issues with the payments process can hurt sales and growth

31% said that an issue with the payment service offered or the range of payment service options provided was the reason for abandoned carts. 41% cited a lack of innovation in payment systems as hindering growth. 

  • ‘Buy now, pay later’ now offered by more than a fifth of retailers

With many consumers looking for more flexible ways to pay during the pandemic, 22% of retailers now offer ‘buy now, pay later’ or Apple Pay payment methods. And 20% offer Google Pay. This is set to increase with 31% looking to improve payment systems to help grow online revenue within the next 12 months.

  • Two-thirds of retailers had revenues impacted by the pandemic

The pandemic has had both a positive and negative effect on retail sales. 23% of merchants saw sales increase last year. Conversely, 29% either saw no change or had sales decrease somewhat. And 17% saw sales decrease significantly. Of those who reported an increase, revenues went up on average by 29%. The average decrease in revenues was 27%.

Source: Mollie

related articles:

popular articles:

Thumbnail-Photo: Denmarks first sustainable DIY store has great success...
30.10.2020   #sustainability #electronic shelf labels (ESL)

Denmark's first sustainable DIY store has great success

Electronic price tags provide price and product information

In February 2020, STARK opened its doors to a whole new and sustainable DIY store in Hørsholm (Denmark), which will make it easier for customers to build sustainably. The store has got a flying start despite Corona and general restrictions in ...

Thumbnail-Photo: Southeast Asian online and offline health and beauty partnership...
06.02.2021   #online trading #e-commerce

Southeast Asian online and offline health and beauty partnership

Grab brings beauty products from over 2,200 Watsons stores to customers’ doorsteps

A.S. Watson Group, an international health and beauty retailer, and Grab, Southeast Asia’s super app, announced the largest O+O (online and offline) health and beauty partnership in Southeast Asia, spanning across six Southeast Asian markets ...

Thumbnail-Photo: Successful co-op association has the largest profit in the country...
24.12.2020   #electronic shelf labels (ESL) #price labelling

Successful co-op association has the largest profit in the country

The local Kvickly store has found the recipe for making profit. In the future, even more energy will be spent on customers and staff members

Electronic shelf labels play a crucial role here.

Thumbnail-Photo: A completely new experience at ICA Kvantum with Breece...
15.12.2020   #electronic shelf labels (ESL) #price labelling

A completely new experience at ICA Kvantum with Breece

ICA Kvantum in Lerum has invested in new technology: A cloud-based electronic shelf label

ICA Kvantum Lerum has for a long time been looking for a supplier of electronic shelf labels (ESL), so the staff no longer have to spend time and resources on changing paper shelf labels. It was important that it should be a ...

Thumbnail-Photo: New approach to print solutions
26.11.2020   #printers #POS printers

New approach to print solutions

Citizen presents five ideas on how printers can support sales during the pandemic

It’s been clear for a long while now: confronted with the Corona pandemic, retailers need to resolve bottlenecks such as the point of sale in their retail outlets in order to ensure the safety of their employees and customers. For many ...

Thumbnail-Photo: App-based mCommerce drives biometric mobile payments...
09.02.2021   #mobile payment #payment systems

App-based mCommerce drives biometric mobile payments

Identification via fingerprint, iris, voice and facial recognition

A new study from Juniper Research has found that biometrics will authenticate over $3 trillion of payment transactions in 2025, from just $404 billion in 2020. The report found that biometrics, including fingerprint, iris, voice and facial ...

Thumbnail-Photo: ARCHITECTS DARLING AWARD for MyLock online configurator from SALTO...
26.11.2020   #award #access control systems

ARCHITECTS' DARLING AWARD for MyLock online configurator from SALTO

Silver award in the category "Best Product Configurator"

The online configurator MyLock from SALTO has won the silver award in the category "Best Product Configurator" at the ARCHITECTS' DARLING AWARDS 2020.From the experts' point of view, the clear design and intuitive user experience ...

Thumbnail-Photo: The rise of the virtual fitting room with the corona pandemic?...
30.11.2020   #fashion #virtual reality

The rise of the virtual fitting room with the corona pandemic?

Trying on clothes via AI, AR or VR

The rising usage of smartphones is expected to take the virtual fitting room market to $19,250.4 million by 2030, from $3,128.6 million in 2019, at an 18.5% CAGR between 2020 and 2030.A virtual fitting room is a digital representation of a fitting ...

Thumbnail-Photo: Shopping experience thanks to electronic shelf labels...
10.11.2020   #customer satisfaction #brick and mortar retail

Shopping experience thanks to electronic shelf labels

A unique customer experience at new danish gaming store

At the end of August 2020, Denmark's new gaming universe Games N 'Gadgets opened its doors to gamers and game-loving people in the center of Horsens city. Games N 'Gadgets offers everything within gaming, gadgets and computer ...

Thumbnail-Photo: SALTO Systems invests in Austrian company Gantner...
21.10.2020   #security #access control

SALTO Systems invests in Austrian company Gantner

SALTO wants to strengthen its Access Control solutions portfolio, and welcomes new shareholders.

SALTO is a leading manufacturer in electronic access control solutions. The company has trusted customers in Education (Princeton University, University of Oxford), Hospitality (Hilton, Meliá Hotels and Resorts), Healthcare (Cleveland ...

Supplier

SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
GMO Registry, Inc.
GMO Registry, Inc.
Cerulean Tower, 26-1 / Sakuragaoka-cho, Shibuya-ku,
150-8512 Tokyo
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Citizen Systems Europe GmbH
Citizen Systems Europe GmbH
Otto-Hirsch-Brücken 17
70329 Stuttgart
Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen