With the Holiday Season Fast Approaching, Paysafe Research Outlines How Online Merchants Can Grow Sales
16 Novembre 2023 - 10:03AM
Business Wire
New payments trends study reveals 81% of
consumers are adjusting their purchasing habits and
spending
With the holiday season around the corner, and consumers
indicating they are changing their shopping habits, this is a
critical time for merchants to reevaluate their checkout, as 62% of
consumers would abandon a purchase if faced with checkout
complications, according to new research from Paysafe (NYSE:
PSFE).
The leading payments platform found that offering a broader
range of payment options is vital today both to large and small
online businesses. Despite the continued popularity of traditional
payment methods such as debit cards (67%) and credit cards (50%)
for holiday shopping, the results showed a noticeable shift toward
alternative payment methods (APMs). For instance, 48% of consumers
favour digital wallets when shopping online during the holiday
season, with 41% regularly using bank transfers and 25% embracing
online cash payment solutions, also known as eCash. eCash appears
particularly popular in Peru (36%) and Brazil (31%), while the
Germans are the biggest digital wallet users (61%).
The research surveyed 14,500 consumers across Europe, North
America and Latin America for Paysafe’s Lost in Transaction 2023:
The Disposable Income Report - How consumers are changing their
discretionary spending.
The study also found that the increased cost of living will
markedly change shopping habits this holiday season, with 81% of
consumers planning to adjust their spending. Comparatively, this
rises to 91% in Peru but falls to 68% in the UK. With budgets
tight, 33% of global consumers plan to spend less on gifts (42%
less in Chile), 22% less on food and drink, and 19% will spend less
on socializing and entertaining during the festive season. The
Italians are the least likely to cut spend on food and drink (14%)
and the Austrians to curb their socializing and entertaining
budgets (13%).
While 21% indicated they planned to take advantage of seasonal
deals to help manage their budget; 20% said they had prepared for
the heightened costs of the holiday season by saving earlier in the
year.
Commenting on the research, Rob Gatto, Chief Revenue Officer at
Paysafe, said: “There is more competition than ever between
retailers to ensure they are the final shopping destination for
consumers. Merchants who offer multiple payment methods and a
seamless payment experience will create differentiation, cater to
new audiences and increase conversion rates.”
About the research
The research, which was conducted on behalf of Paysafe by Sapio
Research in October 2023 and covers the UK, US, Canada, Germany,
Austria, Bulgaria, Italy, Peru, Chile, Brazil, Mexico, Colombia,
Argentina and Ecuador, explored changing consumer spending
behaviours and attitudes towards payments.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
payments platform with an extensive track record of serving
merchants and consumers in the global entertainment sectors. Its
core purpose is to enable businesses and consumers to connect and
transact seamlessly through industry-leading capabilities in
payment processing, digital wallet, and online cash solutions. With
over 20 years of online payment experience, an annualized
transactional volume of over $130 billion in 2022, and
approximately 3,300 employees located in 12+ countries, Paysafe
connects businesses and consumers across more than 100 payment
types in over 40 currencies around the world. Delivered through an
integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com
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