Lyra publishes the results of a study combining the views of buyers and e-merchant

“Do payment methods and services live up to their promises?” : this is the question behind Lyra’s recently published study based on a panel of buyers representing the French market and e-merchants in the retail, tourism and digital products and services sectors.
By cross-referencing the views of these different audiences, Lyra delivers four key findings:

• For 71% of buyers surveyed, security is the number 1 criterion when paying online. For e-tailers, offering a secure and reliable payment method means reassurance, and therefore conversion.
• This quest for a balance between reliability and customer satisfaction is reflected in the development of wallets. “For an e-merchant, a wallet guarantees a fluid, fast and efficient payment process, while complying with the most stringent security criteria,” emphasizes Lyra.
• Bankcards remain the dominant means of payment (79%), but the younger generations are shaking things up. While Gen Y remains loyal to PayPal and traditional bank cards, Gen Z (18-25 year-olds) has already made the wallet part of its routine, and is also opting for alternatives such as bank transfers.
• The diversification of payment methods is an opportunity for e-tailers. They already offer an average of 3.4 different payment methods on their sites, but 64% of e-tailers surveyed plan to add new ones in the near future. “Soon, a large majority of them should be equipping their payment bricks with wallet acceptance, bank transfers and payment facilities, to be more than in line with buyers’ expectations” emphasizes Lyra.

This general overview leads Lyra to the following conclusion: “Adapting your payment offering is not an option. It’s an essential lever for increasing attractiveness, conversion and the average shopping basket“.

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