If you need to know how important a good customer experience is, recent research from Ayden and Adobe [1, 2] provides you with concrete numbers. The overall number is staggering: bad customer experice cost British retailes up to £102 billion (!) every year. In this regard, queues in-store stand for 11% of lost revenues, costing British retailers up to £11.3 billion (!) each year. 66% of British customers have abandoned their purchase and left a store because of long queues.
Fortunately, this can be addressed, particularly when it comes to one of the biggest pain points – waiting in a queue. Customers know exactly what they want from businesses: the possibility to skip queues by paying for items in-store via mobile app (55%) and accepting digital wallets such as Apple Pay or Google Pay (54%).
According to Myles Dawson, UK Managing Director of Adyen:
Ultimately, these figures show that the physical store still has a vital role to play in retail. But it needs to be supported by digital and online channels. Those retailers that link their online and offline sales channels to create a unified experience for customers [3] can capitalise on a £102 billion opportunity.
[1] https://internetretailing.net/themes/flawed-customer-experiences-cost-british-retailers-102-billion-19623
[2] https://internetretailing.net/marketing/one-in-three-europeans-ready-to-abandon-brands-when-customer-experience-falls-short-finds-adobe-19618
[3] https://www.solomon.network/
