A failure to provide Hong Kong shoppers with their preferred payment methods have cost Hong Kong retailers US$68.5 million over the last 12 months, according to research from Adyen.
A new report from the company found that 34% of shoppers had left a store to make a purchase elsewhere when familiar and trusted payment methods are unavailable.
A further 22% of respondents reported spending significantly less than they would have due to the lack of preferred payment methods.
According to the report, 62% of Hong Kong shoppers prefer credit cards as a payment method, with 56% preferring cash, 24% citing contactless payment and 22% opting for options including Apple Pay, Google Pay and Samsung Pay.
Meanwhile nearly nine in 10 (89%) shoppers in Hong Kong have walked out of a store in the pat 12 months due to long queues, causing retailers US$2.35 billion in lost revenues.
Adyen said this indicates that retailers are failing to apply technology to improve the omnichannel retail experience.
“New technologies are offering new engagement channels or touchpoints to excite and retain digital-savvy shoppers from Hong Kong, China and abroad,” Adyen Asia-Pacific president Warren Hayashi said.
“The future of retail lies in merchants’ ability to shift to unified commerce, where customers – not sales channels – dictate the terms of interaction. Local retailers should evolve their unified commerce strategy around digital-savvy ‘Spendsetters’ who have the biggest appetite for digital shopping experiences and, more importantly, set trends for how people will shop and spend in future.”