More UK brands add option to pay in international currencies amid Brexit uncertainty
today Feb 11, 2019
The number of retailers giving shoppers the choice to pay in non-sterling currencies has increased by 19% year-on-year, according to a report from Visualsoft, an ecommerce and digital agency.
81% of the UK’s top 250 retailers have now added multi-currency solutions, with most of them accepting Euros and USD. This compares to 62% of retailers that offered international payments in 2017.
Yen is also offered by 1% of retailers, Visualsoft said, adding that the increase is likely to be a reaction to Brexit-related uncertainty ahead of 29 March, when Britain is due to leave the European Union.
British retailers are also embracing new payment methods, such as Amazon Pay which is already being used by 10% of businesses after only being in the market for a little over a year. A further 10% offer financing options at checkout with lenders such as Klarna.
The latter gives customers a ‘try before you buy’ shopping experience, and research has found that 78% of consumers would consider purchasing through retail finance. But the rise in new methods has had a detrimental impact on more basic alternatives, with a quarter of retailers accepting only credit or debit card payments - 4% less than in 2017.
Dale Higginbottom, head of CRO at Visualsoft, commented: “These figures suggest proactivity in the lead-up to Brexit and adoption of new payment trends, which is great to see. However, we know that up to a quarter of consumers also abandon their transactions at checkout because the retailer doesn’t provide their payment method of choice.
“Offering a wide range of options is an important way for retailers to maximise their sales potential, but too many are still not doing so – with 23% neglecting an offer outside of traditional cards. This inability to get the basics right could prove crucial as we move into 2019.”
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