For retailers in today's highly competitive UK market, a strong digital presence that helps to meet consumer expectations and ultimately drive transactions is essential. Simply enabling online and mobile commerce is no longer enough; consumers now demand an improved experience that suits their rapidly shifting lifestyles and ways of interacting with retailers.
In light of these shifting market challenges, UK analyst house Ovum was commissioned by payments fintech Klarna to undertake a study of 100 UK merchants, to investigate the state of online commerce and better understand how the industry perceives its own challenges in 2017 and into 2018. This study included a detailed questionnaire asking merchants about their online capabilities and perceived challenges and opportunities. The survey focused on merchants with a large online presence, and/or large-scale retailers with revenue of over £200m per year. This white paper summarizes those findings.
The retail experience is in flux, and many merchants risk a state of complacency by assuming that merely having an online sales channel is enough in today's dynamic digital environment. Shoppers are changing, and they expect more. This has repercussions across the merchant ecosystem, incorporating both the front and back office – there's a need to enhance the customer experience, reduce friction, improve payments, and simplify the returns process.