Oct 09, 2017
Two Priorities for payment improvement in CX for 2018
Retailers often discuss the importance of advancing their payment systems to encourage more efficient and secure checkout, but the interest does not seem to translate to customers.
In our latest white paper “Shopping channel innovations and their impacts on CX”, we have conducted interviews with more than 1,000 individuals in the US in May 2017 to gain insights on their preferred shopping channels, how they differ by category and what future innovations in those channels may have the most positive impact on their customer experience.
Surprisingly, checking out and paying are viewed as the easiest part of the in-store shopping experience for most customer groups.
While it is not perceived to be a great challenge, however, shoppers see room for greater efficiency in the checkout and payment interactions that would create differentiation in their shopping experiences.
Here are the top two payment improvements that would have the biggest impact on CX in 2018.
Check-out Anywhere with any Store Representative
Nearly one-third (31%) of customers believe that having the ability to check out with any representative anywhere in the store would be the innovation in this area that would
most improve their experiences. Providing this offering would be viewed as useful by the majority (88%) of shoppers. Those who shop with the greatest frequency (average more than 10 purchases a month) are most likely to find this ubiquitous check-out ability useful and 62% of shoppers who found this check-out option useful would shop in a store more often because it was offered.
Mobile Payment Rewards
One innovation in the payment space that would drive greater shopping frequency is the idea of offering unique rewards for mobile payments. Nearly three-quarters of shoppers (72%) believe that this would be useful to them and 68% of those shoppers would shop in a store more often if these rewards were offered.
Constant innovations in technology and their applications in the retail space could be a welcome change in many cases, or seen as an unnecessary change in others. Therefore, retailers should stay attuned to customer needs and carefully plan investments so that they are aligned with customer expectations and are meant to address the required enhancements in the shopping experience.
To read the complete Retail Trends report, click here.