Klarna Finds Around 50% Of UK Shoppers Think Frictionless Payments Should Be Retailers’ Top Priority

https://thefintechtimes.com/klarna-finds-around-50-of-uk-shoppers-think-frictionless-payments-should-be-retailers-top-priority/
https://thefintechtimes.com/wp-content/uploads/2022/04/iStock-1328960923.jpg?#

New data from Klarna, a global retail bank, payments, and shopping service, reveals that UK shoppers are looking to integrate new technologies in their shopping experience, both online and in-store, with flexible payments and comparison services on top of their wishlist.

Klarna’s Quarterly Shopping Pulse, which explores evolving shopping habits across 11 countries, shows that 8 in 10 (80 per cent ) UK shoppers believe that retailers need to continuously invest in new technologies to meet evolving consumer demands, which is more than in any other country.

About 1 in 2 shoppers believe that frictionless payments, both in-store (48 per cent) and online (46 per cent), should be a retailer’s top priority, as Brits are looking to save time from filling out lengthy checkout forms and standing in queues. Next in line on the wishlist for innovations are technologies that provide better personalised services, such as digital recognition, and product recommendations. The younger generations are also keen on virtual and augmented reality technology such as virtual stores and dressing rooms, with 40 per cent of Millennials thinking online retailers need to invest in these technologies.

“UK shoppers are tech-savvy and their online shopping preference currently ranks ahead of all the other countries in our report. Brits crave digitalisation and expect retailers to invest in new technology that gives them a better shopping experience, especially when it comes to faster checkouts and frictionless payments”, says Viveka Söderbäck, Consumer Trend Expert at Klarna.

Other key findings from the report include:
  • 57 per cent of UK shoppers would prefer to do all of their shopping online if they had to choose. The UK is the only country where consumers would choose online shopping, as in all other countries the majority would choose physical stores.
  • The great majority of UK shoppers think that they’ll get the lower price (76 per cent), they’ll find a wider assortment of products (74 per cent) and they’ll save more time (78 per cent) when shopping online.
  • Shoppers look for inspiration and product information mainly on search engines like Google (42 per cent) and prefer to start their shopping journey in online stores (41 per cent) than in physical stores (32 per cent).
  • 32 per cent bought an item after seeing it on social media during Q1. Among those that bought something, half of them (50 per cent) did it directly from the social media platform.
  • Tiktok (41 per cent) and Instagram (53 per cent) are the most popular social media platforms to shop from for Gen Z’ers, while Instagram (52 per cent) and Facebook (49 per cent) are the most popular among Millennials. Facebook is also the most popular for the Gen X’ers (61 per cent and Baby Boomers (78 per cent) that bought something after seeing it on social media.
  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

https://thefintechtimes.com/klarna-finds-around-50-of-uk-shoppers-think-frictionless-payments-should-be-retailers-top-priority/