3 surprising shopping trends for 2017
Is your retail business ready for 2017?
Our friends at Sage are always forever talking to businesses and shoppers so they can stay on top of the latest and greatest trends and so they can help businesses understand upcoming trends and what to look out for. However, even with developments in technology some changes in shopping habits and customer preferences even come as a surprise to Sage.
Here are the top three industry shopping trends revealed in Sage’s Payments Landscape 2017 report that you probably didn’t expect:
1. Cash is still king (Shock)
Do you use contactless payments? I certainly do. But, it seems like every other quarter there’s a new payment method changing the way shoppers prefer to pay from Apple Pay to Android Pay and Paypal to YesPay everyone has their preferances. While Sage report that contactless and mobile payments are trending upward among UK shoppers, cash is still the most preferred method of payment.
91% percent of Sage’s respondents still say it’s their number one, with debit and credit cards following respectively. Consumers are open to other forms of payments, but the more traditional methods are still king.
2. Fraud is still a worry
Companies are taking huge strides in the industry to arm itself against fraud and data breaches, 70% of consumers still have security concerns when paying online and 80% feel more could be done to protect their data. Are you surprised? With data breaches reported in TalkTalk, Tesco Bank, Kiddicare, Moonpig and more consumers have been exposed to the implications of data breaches more than ever before.
Preference of payment is clearly linked to perceptions of security―traditional payment methods (debit, credit and cash) are perceived as more secure and therefore used more widely.
3. Not so social
Everyone chirps on about social media and the use of social media in growing a business but, consumers have surprisingly not embraced payments via social channels. Both businesses and consumers see payments via social media as not secure. However, when asked to choose which social media channel they think is safest, the majority ― at 29% ― selected Facebook.
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Download Sage’s 2017 Payments Landscape Report to discover all the shopping trends and how changes to the way your customers pay will impact your business
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