A new report from Worldpay explores how today’s consumers want to pay – and the steps retailers should take to drive higher revenue, more conversions and a better customer experience.
Worldpay’s Retail Payments Performance Report 2024 reveals that shoppers world-wide prioritise convenience and an impeccable user experience – regardless of the channel they’re using.
51% of shoppers say convenience is either the top or second-biggest driver for their choice of shopping channel, with 18% of those shoppers selecting their preferred channel because they can pay with one click.
Geographic spread shows channel diversity
While the most favoured shopping channels globally are physical stores (41% of shoppers) and online marketplaces (39%), followed by retailers’ own websites at 10%, a geographic breakdown of shoppers’ favoured channels shows broad diversity in consumer choice.
More than half of shoppers in South Korea, Brazil and China prefer shopping through online marketplaces, while a majority of shoppers in Japan (56%), France (56%) and Spain (54%) prefer in-store shopping.
Meanwhile, just 22% of consumers globally have shopped through social media – notably in China (52%) and Brazil (34%) – but 63% say they’re open to buying through social in the future.
“With 84% of shoppers preferring one-click checkout, retailers should aim for short, clear and easy-to-use payment pages for maximum convenience.”
Whatever channel they choose, shoppers overwhelmingly prefer to check out and pay with a single click – no fewer than 84% of shoppers said they prefer one-click checkout however they are shopping.
While 54% of shoppers said they preferred to create an account for security and convenience, the message to retailers is that payment pages should be short, clear and easy to use to maximise convenience.
Convenience and a great experience: key factors
Online marketplaces continue to grow in popularity, driven by convenience, the ability to pay in one click and the perception – shared by 53% of shoppers – that they offer the best deals.
To maintain and grow their market position, brands selling through their own sites or in-store should seek to match the marketplace experience in terms of price, speed of shipping, and ease of use.
Worldpay’s new study shows that more than a third (37%) of shoppers would be prepared to shop directly from a brand if the experience was as good.
Although consumers also emphasise the importance of convenience when shopping in-store, 42% are also likely to shop in-store because they prefer that experience – part of a trend towards making in-store more of an experience than a necessity.
Today’s consumers have greater choice in how they pay than at any previous time in economic history.
By maximising the convenience of their payment strategy and emphasising the best possible consumer experience – from a range of payment options and robust anti-fraud measures through to the presence of great loyalty and reward schemes – merchants of all kinds can grow revenues while building the kind of customer relationships that deliver long-term value.
For more on optimising payments performance, download the Payments Performance Report 2024 from Worldpay.
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