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2 September 2021, LONDON – The UK’s small-to-medium-sized enterprise (SME) retailers are investing in digital services to meet changing customer expectations for long-term recovery and resilience. Global payments company, Elavon, and its subsidiary, Opayo, conducted a two-pronged study, from the perspective of both consumers and business-owners, to understand how these businesses adapted over the past year, how they feel about the future and what experiences consumers value most.
The research indicates that most SMEs have permanently transformed the way they interact with their customers, with 9 out of 10 introducing new digital services. Additionally, four out of five (82%) businesses say that retailers without an online presence are unlikely to survive in the future.
Business perspective
Research1 by Opayo and its partner, Discover ® Global Network, shows that UK SMEs are offering new services such as: establishing an online shop (67%); home delivery options (62%); or click and collect capabilities (35%). Additionally, 77% of SMEs now sell directly to consumers via social media platforms such as Facebook, TikTok or Instagram, compared to just 41% before the pandemic.
Additionally, 82% of SMEs believe that online is where the majority of sales will come from in the future.
Consumer input
Elavon’s consumer survey2 of more than 1,100 respondents in England, Scotland, Wales and Northern Ireland, conducted by Ipsos MORI, underscores that offering a convenient eCommerce experience is crucial to attracting customers and generating loyalty.
UK consumers prioritise the following factors when deciding where to spend online:
|
|
---|---|
96% |
A clear and accurate product description |
95% |
|
94% |
|
93% |
Payment details being stored safely and securely |
92% |
Free returns |
96%
A clear and accurate product description
95%
94%
93%
Payment details being stored safely and securely
92%
Free returns
However, the shift to eCommerce doesn’t mean the end of the High Street. Nine out of ten UK consumers indicate they want to support their local businesses. Additionally, three quarters of businesses (73%)3 say they will continue to have a physical location to service customers.
Retailers can take a cue from what consumers’ value most4 when shopping in-store, including:
Commenting on the findings, Sean Wilson, Managing Director, at Opayo said:
Isaac Scott, the Brand & Marketing Director of Seven Districts Coffee, based in Leeds, illustrated how he innovated and adapted his business to best focus on the customer experience:
[1] Research commissioned by Opayo and Discover® Global Network and conducted by Savanta on 160 UK small businesses April 15-30, 2021.
[2] Research commissioned by Elavon and Ipsos MORI on 1,129 UK adults aged 16-75 between May 28-June 1, 2021.
[3] Research by Opayo and Discover® Global Network, conducted between April 15-30, 2021.
[4] Research by Elavon and Ipsos MORI, conducted between May 28-June 1, 2021.
Elavon is a leading global payments company with more than 4,300 employees and operations in 10 countries. A subsidiary of U.S. Bancorp (NYSE:USB), Elavon provides businesses with the technology needed to accept payments from customers, whether they are shopping in stores, at home or on the go.
Its platform is distinctive in that it is common across countries, making it easier for businesses to get their payment system up and running quickly and securely.
Elavon Financial Services DAC, trading as Elavon Merchant Services, is deemed authorised and regulated by the Financial Conduct Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
Andy Walsh
andrew.walsh@elavon.com