Type to search

Fintech News

Mollie Reveals Challenges for UK and EU Retailers and Their Focuses

Mollie Reveals Challenges for UK and EU Retailers and Their Focuses | FinTech Finance

Mollie, one of the fastest-growing payment service providers in Europe, has published data revealing the challenging conditions that UK and EU merchants face and their plans and focuses to bounce back following the UK’s formal exit from the EU. The findings, based on responses from 2,500 UK and European retailers and displayed in this report, also highlight which markets European merchants are primarily selling to.

Findings:

  1. More than half of retailers sell internationally to some degree 
  • 44% of businesses sell purely domestically
  • 56% sell internationally
  • 22% sell across Europe as a whole
  • 20% sell across a select few international borders
  • 14% reported that they were selling globally
  1. Challenges 
  • 43% of retailers cited the high cost of shipping as a major challenge.
  • Almost half of retailers (48%) said that projected delivery dates were the top reason for abandoned carts with consumers being put-off by long dispatch and arrival times.
  • Conversely, 43% said that unexpected or additional charges like delivery fees were the main reason for abandoned carts.
  • 59% said over-reliance on third parties for shipment was a key factor hindering growth.
  1. Focus over the next 12 months
  • More than a third (36%) are looking at improving logistics and shipment methods to help grow online revenue.
  • Half of UK and EU retailers (50%) said managing international expansion was the most important element for trading online – suggesting retailers are looking at careful expansion over the coming months.

“The last year has made operations more difficult for any small-mid-sized merchant and post-Brexit challenges are making it even harder,” said Josh Guthrie, Head of UK at Mollie. “However, many are looking to improve their logistical capabilities and evaluating how they’ll expand in this new environment. There will be some bumps in the road, but with a greater focus on e-commerce, small businesses will continue to grow.”

Tags:

People in this post:

Companies in this post:

Next Up