The data: Twenty percent of US consumers plan to shop more during the 2021 holiday season than they did last year, according to Deloitte’s annual holiday retail survey.
Why it matters: Sixty-eight percent of global merchants said holiday shopping is critical for their annual revenues, per a Paysafe-commissioned survey of 900 businesses in the US, the UK, Canada, Germany, Brazil, Italy, Austria, and Bulgaria.
What this means: The importance of holiday revenues signals why merchants should implement faster checkout solutions. Faster checkout helps merchants avoid friction-induced cart abandonment—leading to higher conversion and higher sales volume.
Solutions like one-click checkout let customers avoid inputting payment information at checkout, which can be time-consuming and prone to error. More sophisticated offerings like open banking can achieve the same thing in markets where it is available by redirecting customers to their banking page at checkout, where they can easily authenticate and complete the transaction.
Merchants would also benefit from providers that offer alternative payment options like BNPL to capture sales.
Related content: Check out our “US Holiday Shopping 2021” report for our take on what to expect this holiday season, including changes in consumer spending compared with last year.