Retailers are missing a huge opportunity to increase sales by failing to address customer payment pain points, new research suggests.

The Adyen Retail Therapy report found that the majority of retailers admitted a poor payment experience is a key reason for lost sales, but only 27 per cent are investing in solutions to help prevent these issues.

The research, which polled more than 2,000 consumers and 500 retailers, also showed that payment problems appear to be a well-understood issue within the retail market, with 85 per cent citing poor payment experiences as key reason for lost sales.

Nearly half (45 per cent) of all consumers have abandoned in-store purchases and a third (32 per cent) have logged out of a website without buying anything because of payment difficulties.

This was followed by poor implementation of chosen payment method (25 per cent), and the lack of relevant payment options. The same is true for in-app payments, with customers citing payment options as the top reason for abandoning their baskets.

Myles Dawson, UK country manager for Adyen, said: “Consumers want their shopping lives to be as hassle-free as possible. While some people still enjoy the social occasion of shopping, most just want to pick their items, pay for them and leave. Streamlining the payments process will not only close more sales, it will win loyal shoppers.

“Understanding how to deliver a great payment experience is critical to closing sales. It’s no longer a question of cash or card, shoppers want a variety of payment methods, from pre-paid wallets to mobile methods.”

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