Around 53% of retailers in the country experienced an increase in sales through social media, with over a third of their revenue gotten through those channels.
“Although prioritising product and market expansion is fundamental to business growth, retailers are perhaps missing out on consumer retention by not focusing on concerns driving cart abandonment, like security, payment failures and fulfilment issues,” shared Kailash Madan, head of APAC at Primer.
“Technical debt is a common challenge and could be a key factor in shaping businesses’ focus
areas, as they struggle to locate the right technical resources and expertise to optimise checkout flows, for instance.”
According to the report by Primer, retailers are also prioritising payment methods and currencies, as 41% shared that they accept foreign payments to boost revenue.
Around 3 in 4 retailers are also investing in automation to future-proof their business.
“By allowing retailers to easily optimise their commerce and payment flows with minimal technical expertise and developmental costs, automation could be the key to bridging the existing chasm between consumers and retailers,” he said.