UK Retailers Adapt to Global Trends in Response to Political Turmoil

  • 19% year-on-year increase in retailers offering international payment options
  • 81% of top UK retailers offer non-sterling alternatives
  • Majority accept Euros and USD, 1% Yen
  • Amazon Pay used by 10% of top retailers since its introduction a year ago
  • 1 in 10 retailers offer finance products from lenders like Klarna
  • 78% consumers consider purchasing through retail finance with average spend £620
  • 23% retailers only offer mainstream credit/debit cards
  • Up to 25% of consumers abandon transactions due to lack of preferred payment method

A study of the UK’s top 250 retailers reveals a 19% year-on-year increase in brands offering international currency payment options. According to e-commerce and digital agency, Visualsoft, 81% now provide non-sterling alternatives, up from 62% in 2017. Euros and USD are the most common alternatives, with 1% accepting Yen. The rise is attributed to Brexit uncertainty. Amazon Pay has been adopted by 10% of top retailers since its launch a year ago, while 1 in 10 offer finance products from lenders like Klarna (up from almost none in 2017). 78% of consumers consider retail finance with an average spend of £620. However, 23% only accept traditional credit/debit cards, a 4% increase year-on-year. Dale Higginbottom, Visualsoft’s head of CRO, says: ‘Retailers must adapt to new payment trends and offer diverse options to maximize sales potential.’

Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about the increase in international payment options among UK’s top retailers, citing a reputable source (Visualsoft) and discussing the reasons behind this trend (Brexit-related uncertainty). It also includes statistics on consumer preferences and expert opinions. However, it could have provided more context on the impact of these changes on the industry and potential challenges for retailers.
Noise Level: 4
Noise Justification: The article provides relevant information about the increase in international payment options among UK retailers and highlights some interesting trends in the industry. It also includes insights from an expert in the field. However, it could benefit from more data or examples to support the claim that offering a wider range of payment methods can improve sales potential.
Financial Relevance: Yes
Financial Markets Impacted: UK retailers and payment methods
Financial Rating Justification: The article discusses the increase in international currency options offered by UK retailers, impacting their financial operations and customer preferences, as well as the adoption of new payment trends such as Amazon Pay and Klarna. This can affect sales and consumer behavior.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk