A recent study by Applause has discovered that a staggering 76% of consumers abandon transactions if their preferred payment method isn’t available, underlining the critical importance of payment options in the retail sector. Conducted with a sample of 6,700 participants—including consumers and industry professionals—the survey highlighted the disconnect between consumer preferences and retailer offerings.
Among the findings, a notable 68% of consumers expressed a preference for mobile and digital wallets. However, only 56% of service providers accommodate these popular methods. This gap is alarming, particularly as 41% of respondents reported being unable to complete a purchase due to payment method issues in just the last three months. Such obstacles not only frustrate potential buyers but also significantly hinder business growth.
Moreover, the survey tackled the challenges of localization, revealing that 52% of consumers had dropped an app due to inadequate localization efforts. Common pitfalls included misplaced translations and incorrect assumptions about local customs. This disconnect further emphasizes the need for businesses to refine their customer experience across all digital platforms.
As Luke Damian, Chief Growth Officer at Applause, emphasizes, “Choice and speed are top of mind for consumers.” Retailers must ensure a seamless purchasing experience, or they risk losing potential sales. Innovative companies like Accor demonstrate how prioritizing customer experience translates into higher returns on investment. The integration of community-based testing can significantly enhance user interactions, allowing businesses to identify and rectify issues rapidly.
In an increasingly competitive landscape, adapting to consumer preferences is no longer optional; it is vital. Retailers must reassess their payment options and localization practices to meet customer expectations and boost retention. Only through proactive measures can businesses secure their position in the market and drive sustainable growth.
