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Retailers who only accept cash lose out on 10 million UK consumers

Laura  Barnes
Retailers who only accept cash lose out on 10 million UK consumers

Over 10 million people in the UK will consciously avoid shops that only accept cash, according the new research.

A new survey conducted by supermarket app Ubamarket has uncovered just how UK consumers feel about being forced to use cash, revealing that ease of payment has become a make-or-break factor for retailers seeking to gain and maintain shoppers.

The research has found that 20% of UK adults say in-app payments are their favourite method of paying for items. This rises to 34% among 18-34 year olds.

The survey also found that 32% of Brits actually select online or high-street retailers based on how easy it is to pay for items.
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Another factor turning consumers away is long queue times.

73% of shoppers across the nation – the equivalent of 37.5 million people – have changed their mind and decided not to buy something after seeing the size of a shop’s queue.

In app payment is found to be a timely solution; 41% of us – the equivalent of 21.1million people – expect that all payments will be processed via mobile devices in the future.

“Over the past decade, major retailers have taken some strides to improve in-store shopping by embracing new technologies. However, today’s research reveals that long queues and frustratingly out-dated payment systems remain a significant challenge that are ruining millions of shopping trips and therefore must be addressed,” said Will Broome, CEO of Ubamarket.

“Despite the rise of online shopping, it is clear that retailers need to invest in the in-store shopping experience to maintain shoppers’ loyalty in today’s competitive market.”

Tags: Retail , retailers , cash , in-app purchasing , Ubamarket

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