81% of European and American consumers believe that online retail is the future trend

A new study released recently shows that in the current economic environment, consumers have shown great interest in online shopping because online shopping allows them to better control their budgets and the prices are more cost-effective than offline shopping .

The data comes from the latest industry report, The Global Retailer Handbook, from global payment solutions provider Checkout.com, which collects opinions from 9,000 U.S. and European consumers and 500 enterprise merchants.

Research shows that in the United States and Europe, consumers are becoming more and more accepting of online shopping and digital payments , and 81% of consumers say that online retail is the future of the retail industry .

This data highlights the importance of digital transformation for retailers to ensure their businesses can capitalize on the evolving digital economy .

However, data from the report shows that the retail industry is facing a challenging environment. Currently, raw material costs are high, and 76% of retailers expressed concerns about the financial health of their business .

On the other hand, cautious shoppers also face income concerns, with 80% of consumers saying they would give up on a purchase if they were concerned about the security of the payment environment .

Therefore, building a payment environment is also one of the key projects that retailers should invest in .

Data from the report also showed that positive sentiment towards e-commerce and digital payments has remained high over the past 12 months .

Additionally , 33 % of consumers said online shopping allows them to better control their budgets , while merchants see opportunities to further grow their business by divesting from physical operations and strengthening their digital presence at a time when money is tight .

This is good news for retailers because it means their investments in digital buildouts (triggered by the pandemic) will not be wasted.

More than 60% of retailers reported that their digital construction investment budgets have increased by 20%-50% in the past two years.

Consumer shopping habits are shifting , and if businesses can meet customer demands, they can turn this into their competitive advantage.

“Retailers and consumers around the world are feeling the effects of inflation and economic uncertainty,” said Leela Srinivasan, chief marketing officer at Checkout.com. “Against this bleak backdrop, however, there are good reasons to be optimistic about the digital economy. ”

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