Retail and hospitality businesses that adopt the latest payment technologies are more likely to retain customers, according to a new study.
A Commonwealth Bank survey has found that 75 percent of Australians prefer to pay by credit or debit card. It follows the PayPal survey we reported on last year that revealed 25 percent of people refuse to shop at cash-only businesses.
Furthermore, the CommBank study found that 50 percent of consumers will avoid a business if they have to queue for payment, suggesting that retailers should consider adopting measures and technologies that streamline payments, such as mobile point-of-sale devices.
Another 75 percent said they would leave a store if they couldn’t easily get help, guidance or information. Some large retailers might be able to get away with less than helpful service, but this gives independent stores a chance to shine – by being attentive to customers and knowledgeable. Technology such as mobile apps that provide fast access to product information can also be helpful.
Of particular importance to hospitality businesses, the CommBank study found that 69 of people hate it when they can’t split the bill, with 78 percent expecting the process to be easy.
In the light of these figures, it seems quite predictable that the four most common requests for a better shopping experience were more efficient customer service (57 percent), less time spent queuing (56 percent), the ability to split bills (43 percent) and flexible payment options (43 percent).
“Technology is reshaping the relationship between consumers and businesses,” said CommBank executive general manager of local business banking Claire Roberts. “As more and more customers expect to be using the latest technology in store, those businesses not adopting new payment methods will be left behind.”
“With recent advances in technology now available to businesses of any size, small and medium retailers have a new opportunity to transform point-of-sale and in-store experiences to drive sales and encourage greater customer loyalty through repeat business.”
Roberts pointed to services such as CommBank’s Albert point-of-sale device, as well as other products including Kounta, that can help businesses improve customer service.