ADVERTISEMENT
  • News
  • New York
  • Technology
  • Culture
  • Entertainment
  • Sport
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Saturday, July 19, 2025
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
Home Business

£10.5bn more in five years – that’s what UK retailers could generate by streamlining online purchasing

The FINANCIAL by The FINANCIAL
September 8, 2017
in Business
Reading Time: 4 mins read
8
A A
0
£10.5bn more in five years – that’s what UK retailers could generate by streamlining online purchasing
Share on FacebookShare on Twitter

The FINANCIAL — British retailers are losing out on £3.4 billion worth of goods left in virtual shopping baskets each year, as two thirds of the contents of all virtual shopping baskets are abandoned. 

Across all devices, 86% of browsers save items to online shopping baskets and wish lists but consumers switching from mobile phone browsing to laptop purchasing, a lack of discount incentives and desire for a variety of delivery options are key reasons for ‘basket abandonment’, according to the research. More targeted investment in the strategies identified by consumers as most effective in encouraging them to complete a sale could help turn more browsers into buyers.

The findings are from the Barclays Corporate Banking Online Retail Report, From Browse to Buy: The Conversion Challenge and are based on the views of 300 senior retail managers, 2,000 UK consumers and economic modelling. The study found that making online shopping more convenient could boost retailers’ coffers by £10.5bn within just five years.

RelatedPosts

Should You Fix Up Your House or Sell It As-Is?

Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

An opportunity to boost sales at a time of uncertainty

At an uncertain time for the retail sector, the report estimates that investing in measures that encourage purchase conversion could cut basket abandonment in half by 2021.

Furthermore, instead of fiddling around with mobile sites that aren’t optimised, or wasting time searching through a difficult to navigate website, 614 million hours of time could be saved over the next five years. There are productivity benefits too to the tune of £4.2bn, as time is freed to devote to other work or recreational activities.

Ian Gilmartin, Head of Retail, Barclays Corporate Banking said: “At a time when cost management is a priority, it’s understandable that investment in mobile optimisation may seem too expensive for many retailers. However, our research underlines the longer term benefit of providing easy to use options across all online platforms. By adapting quickly to the needs of today’s consumer to create a better shopping experience online, and particularly via mobile, retailers will boost their sales.”

“If they get their online strategy right, we could be looking at UK retailers selling more that £80bn of stock online by 2021, but that will only happen if as an industry we respond to what the public want from us. This research shows that a streamlined mobile offering, flexible delivery and competitive pricing can help convert more browsers to buyers.”

The British retail sector boasts the highest proportion of online sales of any major European country. Our research found that UK residents browse online for an average of 89 minutes per week with 45-54 year olds leading the way, clocking up just over 100 minutes per week. Although overall, more online retail browsing occurs during the week than at the weekend, the single most popular day for browsing is Saturday. The most popular time of day to browse is the evening, with a third of shoppers (30%) doing most of their browsing between 5pm and 9pm.

See also  Spot Hbar ETF Odds Increase to 90% as Institutions Bet Big on Hedera

Becoming more mobile

Only 16% of retailers claim that they will make mobile sales their top priority in the next year, but consumers are calling out for retailers to introduce mobile apps to simplify the purchasing process. A more streamlined process overall would also make 28% of consumers more likely to complete a purchase.

This perhaps explains why consumers are avoiding purchasing products through a fiddly mobile website, but have a preference for ‘device switching.’ Whilst a third of consumers browse for products on their mobile, they are likely to then switch to another device, such as a laptop, in order to make a purchase.

Consumers are clearly looking for the fastest and simplest way to buy, as providing personal registration details at checkout was another bug-bear. 13% say that not having to provide registration details at checkout would encourage them to purchase.

It might seem that retailers aren’t aware of consumer preferences, but they also listed high IT costs as a barrier to investment. This may explain why only 19% say they would develop a dedicated app. In fact, the report showed that more retailers are bucking the trend for online retail and prioritising their in-store sales instead (79%) over the next year.

Traditional vs modern incentives

However, optimising the online purchasing process is not the only way to turn browsers into buyers. More traditional methods were also shown to increase consumer incentives to buy items saved in their wish list / shopping baskets. Interestingly, these traditional methods were more significant for consumers than the use of modern technologies.

Echoing the theme of time-saving and convenience, these consumers prefer flexible delivery options. Free delivery (56%) and returns (29%), next day delivery (17%) and click and collect (15%) are all options which consumers say would make them more likely to purchase.

Unsurprisingly, price was likely to have a huge impact on the final decision to purchase. Just under half (43%) of these consumers say that they would not complete a purchase because they were waiting for a better deal or offer. 38% would look for discount codes online and 35% say they would wait for a sale. Discounts tailored to the product being viewed are also likely to incentivise consumers and 27% say schemes such as bonus points also spur them on.

Traditional marketing communications such as email prompts (22%) do encourage consumers to buy saved items, but new online marketing techniques don’t appear to be so important to shoppers yet. Only 6% say online stylist recommendations are an incentive and even fewer say that chatbots would help them to make a purchase. What’s more, despite the hype around new experiential technologies, only 6% of online shoppers feel that augmented and virtual reality would encourage them to buy.

 

Related Posts

Existing-Home Sales Spring Ahead in March
RealEstate

Should You Fix Up Your House or Sell It As-Is?

by The FINANCIAL
July 15, 2025
0

Key Takeaways: Selling as-is offers speed and convenience but often means accepting a lower sale price. Making strategic repairs can...

Read more
Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

July 11, 2025
Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

July 11, 2025
Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

July 9, 2025

Discussion about this post

  • Trending
  • Comments
  • Latest
Teaching porn literacy

A sizable percentage of internet porn users, roughly 40% are women

January 17, 2024
Ampersand wins £22m five-year contract at London Zoo

Ampersand wins £22m five-year contract at London Zoo

June 25, 2012
EasyJet to fly to London from Stockholm Arlanda

The London Diplomatic List, Addresses, Contacts & Working Hours

January 23, 2023
Teaching porn literacy

Teaching porn literacy

January 17, 2024
OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

July 16, 2025
OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

July 16, 2025
How Mark Lamberti Challenged Retail Convention in the Last Days of Apartheid

How Mark Lamberti Challenged Retail Convention in the Last Days of Apartheid

July 16, 2025
Existing-Home Sales Spring Ahead in March

Should You Fix Up Your House or Sell It As-Is?

July 15, 2025
Richard Branson: What’s one daily habit that has shaped you as a person?

Richard Branson: What’s one daily habit that has shaped you as a person?

July 11, 2025
Most Americans continue to say media scrutiny keeps politicians from doing things they shouldn’t

Dramatic rise in the number of journalists killed in six months



July 11, 2025
ADVERTISEMENT

Popular Last 24h

  • Ampersand wins £22m five-year contract at London Zoo

    Ampersand wins £22m five-year contract at London Zoo

    4157 shares
    Share 1663 Tweet 1039
  • The London Diplomatic List, Addresses, Contacts & Working Hours

    3404 shares
    Share 1362 Tweet 851
  • Teaching porn literacy

    371 shares
    Share 148 Tweet 93
  • A sizable percentage of internet porn users, roughly 40% are women

    929 shares
    Share 372 Tweet 232
  • 3 New Rules To Take Control of Your Financial Future  

    31 shares
    Share 12 Tweet 8
  • A Landmark Rolls-Ryce Debut in Georgia

    159 shares
    Share 64 Tweet 40

LATEST POSTS

OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

OCCRP investigation: Danish Company Affiliate Helping Russians Export Grain From Occupied Ukraine

July 16, 2025
How Mark Lamberti Challenged Retail Convention in the Last Days of Apartheid

How Mark Lamberti Challenged Retail Convention in the Last Days of Apartheid

July 16, 2025
Existing-Home Sales Spring Ahead in March

Should You Fix Up Your House or Sell It As-Is?

July 15, 2025
Richard Branson: What’s one daily habit that has shaped you as a person?

Richard Branson: What’s one daily habit that has shaped you as a person?

July 11, 2025
Most Americans continue to say media scrutiny keeps politicians from doing things they shouldn’t

Dramatic rise in the number of journalists killed in six months



July 11, 2025
Euro area international trade in goods surplus €7.3 bn

Trade talks EU–US: Trade in services should be taken into account

July 11, 2025
Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

July 11, 2025
Update by The Florida Department of Transportation: Key Improvements

Update by The Florida Department of Transportation: Key Improvements

July 11, 2025
Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

July 11, 2025
Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

July 9, 2025

LATESTBUSINESS

Existing-Home Sales Spring Ahead in March

Should You Fix Up Your House or Sell It As-Is?

by The FINANCIAL
July 15, 2025
0

Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

Private Equity Giant H.I.G. Capital Nets Strong Returns on Jewelry Brand While Betting Big on Canadian Fuel Services

by The FINANCIAL
July 11, 2025
0

Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

Smart Storage: Creative Ways Mini-Storage Buildings Are Meeting Modern Needs

by The FINANCIAL
July 11, 2025
0

Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

Moldova’s Virtual IT Park Attracts Global Attention with Record Growth and €1 Billion Revenue Target

by The FINANCIAL
July 9, 2025
0

wall_street_sign.jpg

Wall Street Giants Now Worth $59.7 Trillion, More Than the GDP of the U.S., China, and Germany Combined

by The FINANCIAL
July 9, 2025
0

Are You Really Targeting the Right Customer

Are You Really Targeting the Right Customer

by The FINANCIAL
July 8, 2025
0

Prominent Georgian Businessman Behind Euronews and National Geographic Arrested in Tbilisi

Prominent Georgian Businessman Behind Euronews and National Geographic Arrested in Tbilisi

by The FINANCIAL
July 7, 2025
0

Etisalat and Ericsson trial Massive MIMO technology in the UAE

Global study shows 96% plan to increase yield focus in anticipation of market correction

by The FINANCIAL
July 7, 2025
0

GET IN TOUCH

Submit guest post/Letters to the Editor:

editor (at) finchannel.com

Sales & Marketing: (+995 558) 03 03 03 Email: marketing (at) finchannel.com

Whatsup: (+995 599) 96 52 52

Georgia:

(+995 599) 96 52 52 Email: editor (@) finchannel.com

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • Americas
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • lifestyle
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2025 Intelligence Group llc

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.