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UK Consumers Suffer Startlingly High Rates of False Declines and Negative Online Shopping Experiences, According to New Forter Study
- Heading into peak shopping season, over 73%* of UK survey respondents have had a negative online shopping experience; the rate rises to 93%* among UK Gen Z respondents.
- Coined the “Trust Premium” – study shows UK consumers are willing to spend 44% more on average with retailers they trust.
LONDON, Oct. 3, 2023 /PRNewswire/ — Forter, the Trust Platform for digital commerce, today released findings from its 2023 Consumer Trust Premium Report which surveyed 5,000 respondents from the U.S., U.K., Germany, Singapore, and China. The report explores the relationship between consumer shopping habits and brand trust, and found alarming rates of false declines, cart abandonment, and trust issues heading into the holiday shopping season.
With an ongoing cost of living crisis, risk of recession and many UK consumers cutting back on their non-essential spending, trust is a key driver for continuing retail growth. Forter’s report found that UK consumers are willing to spend 44% more on average with retailers they trust – coined the “Trust Premium.” As economic conditions grow less favourable, investing in building customer trust and long-term loyalty is vital to help insulate retailers against market turbulence.
“The Trust Premium represents potentially millions of pounds in revenue uplift for retailers,” said Michael Reitblat, chief executive officer and co-founder, Forter. “UK retailers that lean into and invest in customer experience – from account creation to authentication to checkout – are best positioned to turn a profit over the Black Friday and Cyber Monday weekend.”
Unfortunately, the report showed that over 73%* of UK consumers have had a negative online shopping experience in the past three months, with high rates of false declines (14%), purchases not arriving on time (37%), and expensive and/or difficult returns policies (27%).
Abandoned Carts at the First Sign of Friction
A seamless checkout experience is one of the most essential pieces of building trust with UK shoppers. The report found that more than three quarters (77%)[1] of UK consumers would abandon a purchase if the checkout experience is too complicated or time-consuming.
While retailers often rely on one-time passwords, CAPTCHAs and manual order reviews to enhance security, when used indiscriminately, they deter good customers and leave money on the table. Forter’s first-party data found that mandating account creation can cause, on average, 3-5% of consumers to drop off, while requiring consumers to validate their email addresses/phone numbers can cause a 4-7% drop-off rate, on average. By creating unnecessary friction, retailers are turning good customers – and their money – away.
False Declines are Leading to Lost Revenue
Despite their growing buying power, younger shoppers in the UK face the most friction with online shopping. Millennials are twice[2] as likely than Gen X to be falsely declined whilst Gen Z consumers are up to six times[3] more likely to be falsely declined at checkout compared to Baby Boomers (10%). In the race to win the next generation of shoppers, ensuring legitimate customers have a friction-free experience is critical.
Retailers Have a Trust Problem
With many new shoppers venturing into digital commerce, Forter has found that retailers often turn away new — but trustworthy — customers simply because they’ve never encountered them before. Forter’s first-party data revealed that false declines are typically five to ten times higher than actual fraud rates. Forter estimates based on its first-party data that for every $1 retailers lose to fraud, they forfeit $30 by declining legitimate consumers.
“Our report reveals the brands that win the next generation of shoppers will provide fast, frictionless and fraud-free shopping experiences — and establish a mutual trust with their consumers,” said Reitblat. “Many retailers can’t accurately assess the trustworthiness, and identity, of customers visiting their sites and in turn their fear of fraud leads to unnecessary friction, cart abandonment, false declines, and lost revenue. But this situation doesn’t have to continue unchecked. Balancing the importance of fraud prevention without impacting customer experience will be the next major test for retailers during the upcoming holiday shopping season.”
To read the full 2023 Consumer Trust Premium Report, visit: explore.forter.com/2023trustpremiumreport
Methodology
The research was conducted by Opinion Matters in May 2023. The survey gathered responses from 5,000 adults aged 18+ who have at least two active eCommerce accounts and shopped online at least once in the last three months in the U.K., U.S., Germany, Singapore, and China. There were 1,000 respondents from each territory. Opinion Matters abides by and employ members of the Market Research Society which is based on the ESOMAR principles.
About Forter
Forter is the Trust Platform for digital commerce. We make accurate, instant assessments of trustworthiness across every step of the buying journey. Our ability to isolate fraud and protect consumers is why Nordstrom, Instacart, Adobe, Priceline, and leaders across industries have trusted us to process more than $500 billion in transactions. Our deep understanding of identity and use of automation helps businesses prevent fraud, maximise revenue and deliver superior experiences for their consumers.
About Opinion Matters
Opinion Matters is an award-winning insight agency. Their consultants create bespoke market research solutions for businesses, organisations, and agencies worldwide. They are experts in creating concepts, implementing, and managing projects, analysing results and reporting. The agency operates internationally, offering highly targeted niche panels that are more pertinent to specialist audiences and media requirements. Generic samples are also available.
*Reverse of none of the above
[1] Very likely and somewhat likely combined
[2] Among survey respondents, 42% of UK Millennials (born between 1981-1996) have experienced a false decline versus 24% of UK Gen X (born between 1965-1980) in the past three months.
[3] Among survey respondents, 60% of UK Gen Z (born between 1997-2005) have experienced a false decline versus 10% of UK Baby Boomers (born between 1946-1964) in the past three months.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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