62 per cent of luxury brand consumers will shop elsewhere if retailers provide a poor payment experience, according to a study from Vyne.

The payments platform surveyed 2,000 UK-based online shoppers for the research.

The report reveals that in an average week, 19 per cent of individuals from higher income households abandoned their basket at an e-commerce checkout.

Meanwhile, security is a top concern for luxury brand shoppers with 74 per cent of respondents from higher income households stating that they would use an option which enables them to authenticate themselves using their banking app, rather than using traditional card payments if it were available to them.

The study also found that over 86 per cent of respondents with a household income over £75,000 are open to trying out new methods of online payments, 25 per cent more than those from households with a lower annual income.

“There is a clear appetite for the purchasing of high-value goods, as the luxury retail sector saw a total revenue of £12.16bn in 2021,” said Karl MacGregor, chief executive and co-founder, Vyne. “The challenge is that high-value consumers expect seamless experiences and the current payment options being provided by most luxury brands do not live up to these expectations. Our research demonstrates that high-value shoppers will not tolerate outdated payment solutions. If luxury retailers want to build a loyal customer base and reduce checkout abandonment, it is imperative that they implement solutions fit for the modern consumer.”

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