If you’re running an ecommerce business, it can be hard to keep up to with the latest payment technologies.

Sage Pay Registered PartnerOne of our online payment gateway partners, Sage Pay, have put together a study of payments in the UK. Now in its fifth year, the report provides an insightful picture into the industry, from what’s happening on and offline, to emerging innovations, new technology and the rise and fall of consumer preferences.

Having reviewed 1,000 business decision makers and 1,000 UK shoppers, the end result is a aimed at providing businesses of every size with a clear view of where they are and where they need to be in the upcoming year. It’s packed with statistics, advice and case studies – all of which will help you to increase those all-important conversion rates.

And as one of their trusted partners, we‘ve been given full access to the full report. Here’s some of the key findings:

Cash is on its way out – make sure you’re ready

Cash is dwindling in popularity and with cash costing and average of £3520 per year through storing, transferring and handling fees, it’s no surprise. Plus for the first time ever, the number of cashless payments made, has overtaken the number of cash payments.

Innovation is important but security is paramount

Security came out as a first preference over cost, convenience and speed, with 55% saying it was there top priority.

Integrate your channels to stay ahead of the game

A substantial 84% of businesses who have integrated their back-office systems expect an increase in revenue, while 79% experienced an increase in the previous year.

Invest in the right emerging players

41% of business said they would consider offering social payments but almost half of consumers aren’t convinced.

Some other interesting stats

There was a significant increase in 2015 of those who believe that UK business are lagging behind other countries in terms of payments innovation.

More than one in four consumers (28%) say that they would be more likely to shop somewhere which offers a greater range of, or more innovative, payment methods.

At the same time, 59% of businesses say that it is very important to their business to have a customer-centric attitude and 70% say that technology is improving the customer experience when it comes to payment systems.

A substantial 84% of businesses who have integrated their back-office systems expect an increase in revenue, while 79% experienced an increase in the previous year.

50% of SME respondents have a website which is optimised for mobile browsing, and 28% have a mobile app.

The number of SMEs planning to invest in mobile apps is up significantly from a quarter in 2014 to a third in 2015.

The cost of cash to the UK is nearly £18 billion annually, or an average of £3,520 per SME per year.

The number of cash payments will fall to 19 billion by the end of 2015 whereas the number of cashless payments will rise to 19.9 billion.

Find out more

You can download the full report here: https://www.paymentslandscape.com