80% of Brits believe retailers need to invest in new technology

According to a new study from Klarna, 80% of Brits believe that retailers need to invest in new technology in order to keep up with customer expectations. This is higher than the global average, and higher than any other country surveyed.

When asked about specific technologies that they would like to see retailers invest in, flexible payments and comparison services were at the top of the list. About one in two shoppers believe that frictionless payments, both in store (48%) and online (46%), should be a retailer’s top priority.

This comes as those surveyed expressed their frustration with the current state of retail, with long checkout forms and having to enter the same information multiple times cited as major pain points.

Other technologies that ranked highly on shoppers’ wish lists include those that provide better personalised services, such as digital recognition, and product recommendations. Klarna’s study shows that retailers who invest in the technologies that their customers want will be well-positioned to succeed in the coming years.

Millennials and Gen Z were found to be particularly keen on virtual and augmented reality technology, with 40% of those surveyed believing that online retailers need to invest in these technologies. This suggests that the younger generations are looking for a more immersive and interactive shopping experience.

Viveka Söderbäck, consumer trend expert at Klarna, said “UK shoppers are tech savvy and their online shopping preference currently ranks ahead of all the other countries in our report.

"Brits crave digitalisation and expect retailers to invest in new technology that gives them a better shopping experience, especially when it comes to faster checkouts and frictionless payments.”