The major goal for every retailer, no matter what the business model, is to create an experience that aligns perfectly with the expectations of the customer. In today’s competitive environment, software developers who offer payment processing solutions for retailers must constantly find new ways to bring retailers (and retailers’ customers) what they want with service and product offerings.
In order to create meaningful experiences and differentiated retail software solutions, it’s important for developers to stay ahead of trends in customer service, mobile, omni-channel, and point-of-sale (POS) technology. A recent study conducted by Boston Retail Partners (BRP) was aimed at understanding these all-important trends. The study pulled valuable insights together into content that can help developers offer retailers software solutions that help them prioritize against their goals.
We understand the unique operating environment surrounding retail payment processing and can help you differentiate your software solutions from your competitors and capitalize on opportunities. Take a look at some of the top findings of retail trends from the BRP study.
Customer and retailer attitudes toward personalization aren’t aligned.
- 79% of consumers said personalized service from a sales associate is important while just 53% of retailers said personalization is their top customer engagement priority.
Retailers are starting to understand the power of mobile.
- 63% of consumers use a mobile phone while shopping, and 49% of retailers have made mobile a priority.
- However, 63% of retailers plan on having the ability to use a customer owned mobile device as a POS device within three years.
Consistency across channels is key.
- 56% of consumers indicate that they are more likely to shop at a retailer that allows them to have a shared cart across channels.
- 75% of consumers indicate a strong preference for retailers that offer consistent pricing and promotions across channels.
Consumers will go where it’s easiest.
- 82% of consumers feel that the ease of checkout and payment is an important factor in choosing where to shop.
Payment security is important.
- Payment security/PCI compliance is one of the top POS priorities at a rate of 45%.
- 61% of retailers have implemented end-to-end encryption to offer customers greater security of their personal and payment data.
The competition is upgrading.
- 30% of retailers are using POS hardware that is at least six years old, and 73% report using POS software that is more than two years old.
- Nearly 50% of retailers surveyed plan to replace their hardware and software within three years.
- 94% of retailers (up from 81% in 2018) have indicated that they have or plan to implement a single unified commerce platform by 2022.
