Friday, January 17, 2020
Citing research highlights presented at NRF 2020 on Jan. 13, 2020, Roche indicated that three out of five smartphone owners use some form of mobile wallet, but few digital payments options are available at U.S. brick-and-mortar stores. She noted that U.S. mobile wallet spend may reach $190 billion by 2021 and urged retailers to offer more digital payments options at checkout.
"We have seen incredible success stories in other markets like Asia, and the global share of mobile wallet market size is projected to reach almost $3 trillion by 2022," Roche said. "U.S. retailers have a huge chance for engagement and for driving greater footfall in their stores by leveraging omnichannel payments experiences and better acknowledging the digital shopper."
Theresa McEndree, vice president of marketing at Blackhawk Network, was also surprised by the disconnect between digital payments and in-store POS. "We're still seeing slower adoption of digital trends in the U.S. than in other markets, like Asia, but research continues to show consumer demand for seamless omnichannel payment experiences is growing," she said. "Yet, many retailers are still limited in payment growth and expansion. For many retailers, it's a large investment for retailers to bring new, innovative payments systems to life and often caps the ability to be innovative from a payments standpoint."
McEndree further noted that retailers realize they need to meet consumer needs and are beginning to provide more options through online purchasing and delivery, mobile wallets and buy online, pick up in store. Researchers found that 68 percent of consumers surveyed would shop in the store more often than they normally would if they could add funds to their digital wallets while shopping in the store.
Following are additional survey highlights:
The most successful retailers look for ways to overcome new challenges by creating fresh, seamless experiences to engage customers across the channels they find most valuable, McEndree stated. She recommended the following best practices to innovate across shopping channels:
A copy of Consumers Want Next-Generation Payment Technology is available at blackhawknetwork.com/wp-content/uploads/2020/01/BHN-1219-Emerging-Payments-Research-WEB.pdf
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