As latest figures reveal that UK consumer card spending outstripped cash for the first time in 2015, a quarter of UK consumers claim they’ve started avoiding shops that don’t take cards, while a third (30%) say they only use cash if absolutely necessary.
That’s according to research by Worldpay, which claims as many as 60,000 small and independent retailers across the UK are putting their futures on the line by making life difficult for customers who want to pay by card.
While nearly two-thirds (60%) of 24-34 year olds say they would prefer not to have to carry cash, Worldpay found one in ten small and independent retailers are still refusing to accept card payments, whilst a further 10% impose a lower limit on non-cash payments.
Commenting on the findings, Dave Hobday UK Managing Director, Worldpay, said: “For today’s digitally driven shoppers, cash has become a relic. It’s easy to see why that’s the case, as innovations like contactless and mobile payments continue to raise the bar in terms of speed, simplicity and convenience. For consumers, being able to pay by which ever method they choose is a minimum requirement of what it means to be a modern retailer.”
It’s not just in-store where independent retailers are struggling to use technology to meet consumer expectations of a contemporary shopping experience. According to Worldpay, just 20% of small and independent retailers provide the flexibility to order and pay for goods online as well as in-store.
Hobday continued: “Consumers take for granted the ability to flit between in-store and online channels – and they expect retailers to provide the same flexibility, regardless of their size. Our national High Street to iStreet campaign is designed to help small and independent retailers embrace technology to enable them to offer the type of experience that modern consumers expect and has, until now, largely been the preserve of larger high-street stores.”
High Street to iStreet is a national awareness campaign run by Worldpay in partnership with the Association of Town and City Managers to help all small and independent retailers understand how technology can help them run and grow their businesses. For more information on the campaign please visit the iStreet Hub