UK cross-border retail has declined significantly in the past year, according to new research commissioned by Ayden.
The payments platform said that the number of British shoppers making purchases from other countries has dropped by 71 per cent since July 2020.
The study polled 358 retail decision makers and 2,000 consumers.
The majority of shoppers – 54 per cent of respondents – said that the delivery partner is an important factor when choosing to shop online with a retailer.
37 per cent of shoppers added that they will only buy something from abroad if the delivery charge is reasonable.
Last year Visa and Mastercard announced that they would hike interchange fees on cross-border transactions between the UK and the EU.
PayPal also introduced an additional service fee for international business transactions between the UK and Europe.
“Cross-border commerce is an important revenue stream for retailers, especially in the context of the pandemic recovery,” said Colin Neil, Managing Director, Adyen UK. “If Brits are finding it harder to shop abroad, you can be sure that shoppers from other countries will have similar experiences, which is a big concern for those UK retailers trying to sell internationally.”
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