What Do Consumers Want and How Are Retailers Meeting Their Payments Demands in 2018?
What do consumers want from their payments in 2018? That’s the million-dollar (possibly more) question merchants everywhere are asking themselves and it’s the question Retail Week Connect asked 2,000 consumers and 30 senior retail executives. Here are some key takeaways:
High Expectations in Any Channel
Everyone knows in-store and online shopping offer far different experiences (ever tried on a shirt online), but when it comes to payments, 62% of customers expect them to be the same. They want payments to be quick and easy, while also offering multiple ways to pay. For retailers that offer these (channels), the rewards are not just happier customers, they are more loyal customers. Speaking of…
Speed Creates Loyalty
80% of customers claim they’re more likely to return to a retailer that offered them a quick payment process. This number increases to 82% among the 25-34-year-old crowd. Time isn’t just money, it’s also loyalty. If you’re wasting your customer’s time as they’re trying to check out, you could be costing yourself more than just a sale.
When buying online, fraud and data theft are (sadly) part and parcel with every purchase. Customers understand this, but at the same time expect online retailers will go above and beyond to protect sensitive information. This is validated, as 77% of consumers identify security as the most important consideration when buying online. If you make security a priority in your customers' eyes, they in turn will make you a priority.
Looking for more insights? View the complete infographic, including the technologies that will shape payments in the years to come.
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