Checkout problems holding back sector growth
New research from Loqate, a GBG solution, shines a light on challenges and opportunities facing the UK’s booming mobile commerce (m-commerce) market, as the company rolls out its latest feature, which will enable customers to complete address details in a single tap, down from the average 50-60 keystrokes.
Today’s figures from Loqate, based on a survey of over 500 UK consumers, show that 60% of Brits have made a mobile purchase in the last month – and almost a third (32%) shop on their mobile device each week. Furthermore, ‘Gen X’ shoppers – those aged between 40 and 54 – are most frequently shopping on mobile devices, with 40% doing so on a weekly basis.
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As the high street continues to struggle, there’s a massive opportunity for retailers looking to move online. Loqate’s research found that customer experience (CX) is a critical component to e- and m-commerce, which faces challenges of its own. In particular, despite strong growth forecasts, the research found that checkout-related CX issues are holding back adoption and growth for the m-commerce sector:
- A third (33%) of mobile shoppers have had a negative purchase experience at some stage, with 16% occurring in the last month.
- Overall, account sign-up was cited as the main culprit by almost half (45%) of respondents, followed by online forms (27%) used by retailers to gather billing and delivery information.
- Location data could play a key role in resolving checkout friction, with almost a quarter (24%) now comfortable with sharing their location in exchange for a better buying experience.
David Green, Managing Director of Loqate, a GBG solution, explains: “We should be celebrating the strides being made by the UK’s fast-growing m-commerce market. Despite a range of new challenges from fraud to supply chain logistics, the move to mobile means that the most valuable retail-estate is no longer on the high street, and digitally savvy sectors like fashion are embracing e- and m-commerce to grow their business and reach more customers, globally.”
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Loqate’s research comes as the company launches its latest Geolocation feature, which aims to link identity and location to improve delivery and ultimately, consumer satisfaction. By reducing keystrokes and making the CX journey as easy as possible, Loqate’s Geolocation feature is utilising the best data to enable consumers to find their desired delivery location in just a single tap on their mobile – compared to the average 50-60 keystrokes.
Following the launch of Loqate’s new Geolocation feature, Green added: “Despite the growth in e- and m-commerce activity, businesses can still do more to make sure their online buying experience is quick, easy and convenient. That is exactly why we’ve rolled out the Geolocation feature – a simple integration that allows end-customers to find their location with a single tap, dramatically improving their purchase experience.”
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