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UK retail sales rise in May - viewpoint from Skrill PDF Print E-mail
Thursday, 18 June 2015

Following the publication of the latest ONS retail stats, Sean O’Connell, chief marketing & product officer, Skrill Group, comments on how the way consumers shop, pay and transact with retailers has fundamentally changed.

He said: “The latest retail figures show consumer spending is getting back to pre-2008 levels, but the way consumers shop, pay and transact with retailers has fundamentally changed.
“Contactless transactions alone have more than tripled in the last year and the increase in digital payment options is set to further disrupt how we purchase goods and services on the high street.  This is most evident among 18-24 year olds, according to Skrill research, which found that when this age group shops on the high street, one in five (17%) now pay for goods or services in-store via a mobile device or contactless reader.
“Although initially wary of investing in contactless, retailers now see it as a very real part of their payments mix. Consumer expectations, however, have increased exponentially.
“Consumers have very real expectations of being able to tap & pay, click & collect, or if the right size or colour isn’t available in store, order for delivery. Smart retailers are thinking beyond people queuing at a till and focusing on removing friction from payment - an area Skrill has concentrated on online through our wallet and one tap payment functionality.

“Such digital payment solutions also provide exciting opportunities for retailers to be able talk to and reach out to consumers, which is evident when working with our own core retailers on analytics and insights to achieve their goals.
“The entry of brands such as Apple, Google and Samsung into the payments space helps to grow acceptance and credibility among retailers previously cautious of adopting new payment options. Retailers can expect this to further accelerate demand away from cash and towards more convenient payment methods such as digital wallets.”

(Source - Skrill Group Comment)

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