Retailers have to deliver exceptional service in order to attract and retain customers. However, while a significant amount of resources and effort goes into bringing shoppers in-store, what is being done to support shoppers through the payment and purchase experience?
New Vodat research shows that a third of consumers abandon purchases due to a lack of information – a significant opportunity lost for retailers. To overcome this, organisations must invest in secure and speedy payment experiences, which will foster customer trust and confidence, and increase sales as a result.
To help retailers enhance their customers’ checkout experiences, here are 3 key areas to consider when investing in payments technology:
Speed is key:
Queuing times are a widespread industry problem, particularly during peak periods. Shoppers, rightly, demand the speediest transaction possible, but this is only possible if retailers have both up-to-date technology, and a robust network to handle the simultaneous use of multiple payment devices.
Our research shows there is still a way to go in this respect. Nearly all shoppers (95%) have experienced network issues in-store that forced them to wait up to 30 minutes for the problem to be resolved. Worryingly, while 30% of these shoppers will give a brand the benefit of the doubt after experiencing slow running technology issues, they won’t return if it happens a second time.
With demands on bandwidth only going to increase, in response business need to invest in more robust networks or risk disappointing the consumer.
Modern payment systems allow retailers to make payment available anywhere within the store, and they also open up a variety of new capabilities for staff in terms of providing information for shoppers. This is in tune with consumer demand; Vodat research shows that more than a third of consumers (39%) would increase their store visits if there were more self-service checkouts, and 1 in 5 would like store associates to be equipped with tablet technology.
Mobile point of sale (mPOS) offers these capabilities and is a key enabler of omnichannel functionality. Allowing the customer to research and check out without going to a central fixed till, mPOS empowers store staff with product and stock information, and builds transactional experiences around the customer – wherever they are located. This technology allows retailers to be a lot more targeted with their service offering, adapting to the omnichannel consumer.
The ability to rollout more devices during peak periods also enables managers and staff to better manage retail traffic and ensure a consistent experience, reducing abandonments during busy trading periods.
Mobile capabilities are key to the modern retail environment, and for payments this is a critical development area. Vodat research shows that while only 1 in 10 shoppers currently use their phone to pay, 28% of consumers would like contactless and mobile payments to be more readily available.
With the mobile payment sector expected to grow to 20m users and be worth up to 15bn by 2018, according to Gartner, this technology is about to become a critical offering for retailers. It is important the industry has mobile payments infrastructure ready to accommodate increased demand, and to ensure the security of customer details using this emerging payment method.
Speak to Vodat’s experts to find out how to develop your payments offering and improve customer experience.