New research from global financial technology platform, Adyen, has identified the changing expectations of Australian consumers and key trends impacting the retail sector.

With the rise in cost-of-living, personalisation and loyalty have become increasingly important. In Australia, over two thirds (62%) of consumers want to see more discounting and 43% say they want businesses to remember their preferences and previous shopping experiences so that browsing is more tailored. However, retailers are finding it hard to deliver on this, with 44% suggesting it’s more difficult to categorise customers.

More than six in 10 (62%) consumers say that they’d be more loyal to retailers that let them buy online and return in-store, and almost half (40%) suggested they’d have better shopping experiences if a business enables them to shop in store and finish online or vice versa.

When consumers were asked about how technology makes them feel when shopping in-store, the result is overwhelmingly positive. Nearly half (43%) said they were happier because shopping was quicker, and about one-fifth (19%) said they would visit a store more frequently as a result of its technology implementation.

Despite the findings, the research uncovered just 20% of businesses in Australia have already invested in unified commerce, compared to 32% beginning to invest and 36% in the consideration phase.

Retailers will compete more for every dollar in the face of macroeconomic headwinds, but there are still clear opportunities, according to Adyen country manager for Australia and New Zealand, Hayley Fisher.

“While consumers in Australia are willing to put in the work to find the best value, they aren’t just motivated by price – they’re looking for convenience, for personalisation, and businesses using this data to provide channel-agnostic, tailored experiences will have a definite edge,” she said.

With the ongoing digital transformation of the retail sector, the incidence of fraud is becoming more inventive, varied, and refined. During the last year, about two in five retailers (39%) experienced increased payment fraud attempts and over one-third (33%) experienced cyberattacks or data leaks.

Despite the increase in fraudulent incidence, Australian shoppers are undertaking various techniques to minimise fraud risk with 40% of consumers checking whether a website is secure before purchasing, and 31% avoid saving their payment details for security concerns.

There is also growing awareness of global issues such as climate change, social inequality, and environmental degradation, which have led many shoppers to re-evaluate their consumption habits and the impact they have on the planet. More than half (58%) of consumers said that they would spend more to ensure their purchase was carbon neutral, 66% of consumers would spend more with restaurants or grocers that source their products sustainably and 33% of consumers won’t shop with a retailer if they are aware of ethical issues in their supply chain.