Tuesday, September 26, 2023
"The POS payment landscape is moving very quickly, and consumers are being confronted with so many different options that we're seeing a real splintering of the total addressable market," he said. "Consumers now use multiple different payment options for dozens of different reasons, mostly correlated with specific needs but sometimes out of basic habit."
Tullo further noted that the inaugural program broadly measured usage and satisfaction among 62,635 consumers between April and June 2023, transacting across 11 POS payment methods and 30 hardware brands that offered credit and debit cards, digital wallets and BNPL products. Analyzing consumer behavior across different POS products, scenarios and consumer personas provided critical insights on consumer attitudes, he noted, and how brands can leverage that knowledge to scale POS payment products.
The combined surveys also found extremely nuanced consumer behavior, researchers noted, citing the following key takeaways of the four 2023 studies:
Additional information about the U.S. Consumer POS Payment Program can be found at www.jdpower.com/business/consumer-payments-satisfaction-studies.
Additional research from Lightspeed showed inflation's impact on the foodservice industry, which is dealing with rising employee turnover and staffing shortages. Published Sept. 19, 2023, and based on two surveys of several thousand restaurants in North America, between April and June 2022 and the same period the following year, researchers found consumers are dining out more frequently, despite ever-rising menu item pricing, with transaction volumes in fine dining up by 3.60 percent and fast casual by 3.53 percent.
Researchers also found healthy tipping levels among restaurant guests, with the highest levels at bars and fine dining restaurants. By contrast, they noted that takeout and delivery tipping notably dropped to around 8 percent.
Peter Dougherty, general manager, hospitality at Lightspeed Commerce, acknowledged the challenges that bars and restaurants are facing, and stated that self-attended and automated technologies can help restaurants improve efficiencies.
"Technology like Lightspeed Restaurant helps hospitality businesses increase speed of service and table turnover while reducing time spent on manual tasks, so they have more time to spend with guests—even when they're short-staffed," he said.
Additional survey data from Lightspeed Restaurant is available at www.lightspeedhq.com/pos/restaurant.
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