With the 2024 peak shopping season around the corner, Australian shopping habits are shifting in fascinating ways. A recent roundtable hosted by Adyen, a global payments leader, highlighted key insights on consumer preferences and the future of retail. By partnering with major brands like True Alliance, Adyen is transforming how we shop, both online and in-store.
Here are five interesting insights into online shopping trends.
1. Preferred payment methods are a deal breaker
Today, we demand convenience and choice at checkout. According to Adyen’s data, 61% of Australian consumers would abandon a purchase if they couldn’t pay with their preferred method. It’s not just cash or card – 26% of Australians no longer carry wallets, instead using their mobile phones to “tap and pay.” The most popular payment methods include self-checkout (58%) and Tap to Pay (56%), but only a small percentage of retailers offer options like self-checkout or mobile POS systems.
2. The rise of omnichannel shopping
More Australians are embracing a mix of online and in-store shopping, with 36% preferring to start their journey online and finish it in-store, or vice versa. However, the retail industry has yet to fully catch up, with 78% of businesses unable to accommodate these cross-channel experiences. Adyen’s collaboration with True Alliance addresses this gap, providing a unified platform that offers a seamless experience for customers browsing and purchasing across 19 premium brands, like Lacoste, The North Face, and Speedo.
3. Shoppers want to be recognised and rewarded
Loyalty is essential, and 61% of Australians want better ways to be rewarded. Although many businesses struggle to gather meaningful data on customer preferences, True Alliance’s partnership with Adyen enables personalised experiences, from exclusive offers to payment-linked loyalty programmes. Personalisation and relevant loyalty rewards are powerful drivers of shopper satisfaction and revenue growth.
4. Increased concerns over payment fraud
While digital shopping is convenient, 36% of Australian consumers feel less safe shopping now than they did a decade ago. Payment fraud costs the Australian retail industry over AU$10.5 billion each year. Adyen’s RevenueProtect system helps address these concerns, allowing retailers to protect customers and maintain trust by mitigating fraud risks effectively. This feature is proving crucial for True Alliance, which, through Adyen, has minimised fraud and provided a secure shopping experience across its brands.
5. Consumers value fast, efficient service
Finally, efficiency is key for Australian shoppers, with Adyen and True Alliance’s unified payments system leading the way. By consolidating operations, True Alliance has optimised transaction tracking and reporting, freeing up its teams to focus on enhancing the customer experience.
For shoppers, this translates to faster checkouts, fewer complications, and a seamless journey from start to finish.
