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What Do Consumers Want and How Are Retailers Meeting Their Payments Demands in 2018?

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.

Safety First

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.

Vice President, Segment and Solution Marketing

As Vice President, Merchant Segment & Solution Marketing, Michael has responsibility for developing and executing strategic product launch activities for the Merchant Payments solutions which include omni-channel, eCommerce and fraud prevention capabilities for retailers, telcos, hospitality, gaming, travel and other merchant verticals.  In this role, he drives thought leadership content, develops solution messaging, supports ACI sales and solution consulting teams and facilitates market awareness of ACI’s products and strategies. Michael covers topics ranging from retailer payments, omni-payment and omni-channel strategies for retailers, as well as point-of-sale, mobile, online/eCommerce and emerging payments types. His coverage of payments risk management topics including enterprise fraud prevention and fraud detection including card, card-not-present fraud, merchant, online banking, mobile and merchant fraud as well as AML and various. Additional he covers mobile topics like mobile banking, mobile payments, mobile wallets, and mCommerce.