UK Shoppers Ditch Stores Over Long Lines
- Long queues cost retailers up to £12bn in potential sales losses
- UK shoppers find long queues the biggest turn-off
- Retailers lost £6.4bn to competitors due to long queues in past 12 months
- £5.6bn lost as customers spend less or leave shops
- 34% prefer online shopping due to queues
- 77% find waiting over 5 minutes unacceptable
- Retailers must adapt to meet changing customer expectations
Long queues are a major issue for UK retailers, costing them up to £12bn in potential sales annually. According to Adyen and 451 Research’s ‘Global Unified Commerce Forecast’, British shops have lost £6.4bn to competitors due to long lines and £5.6bn from customers spending less or leaving altogether. The study also found that £422m was lost due to not offering preferred payment methods. It revealed 34% of Brits prefer online shopping for almost everything, with 38% citing queues as the main reason they dislike in-store shopping. 77% think waiting over five minutes is too long. Retailers must adapt to changing customer expectations and use technology to improve experiences.
Factuality Level: 8
Factuality Justification: The article provides accurate information from the research conducted by Adyen and 451 Research’s ‘Global Unified Commerce Forecast’, citing specific numbers and percentages to support its claims. It also includes relevant quotes from Myles Dawson, UK managing director at Adyen, which adds credibility to the article. The information is presented in a clear and concise manner without any sensationalism or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of long queues on retailers and customer behavior. It cites specific data points (e.g., £12bn in potential sales losses) to support its claims and offers insights from an industry expert. However, it could benefit from more analysis or discussion of potential solutions for retailers to address this issue.
Financial Relevance: Yes
Financial Markets Impacted: UK retailers
Financial Rating Justification: The article discusses the impact of long queues on UK retailers’ sales losses and customer experience, which can affect their financial performance and competitiveness in the market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The main focus is on long queues in retail stores and their impact on customer experience and potential sales losses.
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