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Peak season insights23/24
Pay by Bank

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The last quarter of the year is one of the most important for retailers. From Black Friday through until the New Year, there has always been plenty of opportunity to finish the year strong. But times are changing, and as the cost-of-living crisis continues on, customers are looking to tighten their purse strings. Read on to gain insights on the so-called golden quarter, and learn how you can get the most out of the peak sales season.

Merchants are worried about business and struggle to accurately forecast

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More than half of all retailers surveyed are more worried about their business than they were this time last year.


Almost half expect weak peak season performance and 52% expect turnover to actually reduce.

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expect lower profits than last year.


Are worried that they’ll make a loss.

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Consumers are being impacted by the rising cost of living and as a result, have less discretionary spend.

While energy and fuel prices have been hitting the headlines, it's the cost of groceries that weighs most heavily on consumerst' minds. The rising cost of groceries (72%), energy bills (64%), and fuel (49%) were selected as the key factors impacting discretionary spending. Accommodation is also causing more room for worry as 28% say they are paying more to have a roof over their head - up 8% from last year.

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of those surveyed say they now choose retailers based solely on price

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But it’s not all bad news.Let’s find out more.

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Peak season insights 23/24 Pay by Bank

What would help merchants?

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of merchants told us that being able to offer instant refunds to their customers would help them manage peak season returns better, and 24% want their payment provider to support this.

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say that offering instant refunds would reduce the cost of returns to their business and enhance the customer experience.


recognise that reducing false chargebacks would help reduce costs.

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Three merchant musts

Consider the cost of returns

Half of merchants surveyed said they plan to invest more in online sales in 2024, but they may have overlooked the hidden cost of returns.

Get ready to strategise

More price-sensitive buyers can mean less loyalty. But shoppers say they love big discounts and exclusive deals. Think about how to retain and gain this season to maximise revenue.

Make the most of your tech stack

A quarter of merchants say that legacy technology stops them updating their payments and 21% say they lack technical know-how in their business. Payment options like Pay by Bank have a pre-built UX option which can be integrated with a single line of code, and bring multiple cost and operational efficiencies.

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Surprisingly, only 10% say they try to avoid returns because of the impact on the planet.

How can Pay by Bank help?

Pay by Bank powers secure, seamless and instant payments straight from a user's bank account. With no manual typing conversion remains high, and the best part is, it's available to every shopper with a bank account.

With Pay by Bank you can:

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Tink's Payments Survey 2023

This data was captured as part of Tink's Payments Research conducted in August 2023. UK data was captured via surveys with 500 merchants and 2,000 consumers. All respondents were either planning to participate in Black Friday 2023 or have participated in previous years. Similar research was also done in German and French markets.

Learn more about Pay by Bank
Pay by Bank offers more flexibility and customisation than other payment methods, helping you to increase conversion. Learn how to make the most of Pay by Bank in our UX Guide.