Atlanta, Ga. – January 13, 2020 – Ingenico Group (Euronext: FR0000125346 - ING), the global leader in seamless payment, and FreedomPay, the world’s leading consumer-centric commerce platform, revealed the results of a survey on merchant and consumer perceptions about payment technologies used as part of the customer experience in retail stores. The study showed that while technology is indeed quickly evolving for the better with more payment options, there is still frustration for consumers at checkout. More than half of shoppers have experienced a technical issue at checkout at some point, demonstrating a disconnect between merchants’ efforts and the shopper’s actual experience. The good news for retailers is that the numbers show they can quickly close the gap with contactless payment, as 75% of shoppers find the technology easy to use for purchases and loyalty programs.
The study, “Emerging Trends at the Point of Sale,” conducted by Hanover Research, takes a deeper look into understanding what consumers are thinking when it comes time to pay in retail stores and what technologies merchants are implementing to enable their customers to check out quickly. The findings reveal opportunities for retailers to build loyalty with their increasingly-digitally native consumer base by offering them the security and ease-of-use they require in a payment method, paired with the digital capabilities they prefer for tracking purchases and rewards. Key findings of the survey include:
2020 will finally be the year of contactless, and age is a factor
Loyalty: Give shoppers rewards on everything
Conflicting privacy response: Consumers and merchants require security, yet shoppers want to be tracked
"Even as shoppers are becoming savvier with technology today, the majority don’t necessarily know what to expect when they arrive at checkout because it’s not the same experience everywhere they go,” said Mark Bunney, director of go-to-market strategy, Ingenico Group, North America. "Retailers are battling a series of information gaps with their consumers, as they try to offer them the latest capabilities for contactless cards and mobile wallets while also correcting the perceptions they’re developing about security and ease-of-use for these technologies.”
Consumers in the U.S are growing increasingly frustrated at the slow progress that has been made in addressing the acceleration of technology at the point of sale. Whether it be unclear or inconsistent messaging (e.g., contactless), disjointed back-end systems, rapidly evolving and expanding payment options, or a continued lack of properly-implemented payment security solutions – consumers do not appreciate, and will not remain loyal to, ‘the friction,’” said Chris Kronenthal, CTO and president, FreedomPay. “This report gives a clear warning to retailers to remain focused on using the latest payment technologies to build the most customer-centric experience they can and best-in-class commerce capabilities.”
The survey was conducted in Q4 2019 by Hanover Research and includes the responses of over 350 merchants and 1,350 consumers in the U.S.
For more details on the full findings of the study, please find additional resources here.
Ingenico is the global leader in payments acceptance solutions. As the trusted technology partner for merchants, banks, acquirers, ISVs, payment aggregators and fintech customers our world-class terminals, solutions and services enable the global ecosystem of payments acceptance. With 45 years of experience, innovation is integral to Ingenico’s approach and culture, inspiring our large and diverse community of experts who anticipate and help shape the evolution of commerce worldwide. At Ingenico, trust and sustainability are at the heart of everything we do.