The retail environment has changed significantly in the last two decades – from the race to opening more brick-and-mortar stores to the rise of eCommerce. Consumers have changed too – from expecting to pay with their wearable devices to being able to have merchandise delivered to their doorstep. Retail is constantly evolving and merchants are always looking at innovative in-store technology to bring more shoppers into the store and enhance their shopping experience.
If you’re like me, your shopping habits have changed over the course of the pandemic. Whether that means you now pay with contactless, buy online and pick up in store or just shop online more, most people have leaned into new ways to shop. One trend that is continuing to gain a lot of traction with consumers is Buy Now Pay Later (BNPL). With 7% of consumers planning to use BNPL during this holiday season, according to a recent survey. And while that might seem low now, its use is expected to rise over time.
While legacy ECRs in the market work well for most businesses, cloud-based POS systems allow businesses to advance from a technological standpoint for a stronger customer experience.
As an ISV, you know that the restaurant business is extremely competitive. It is one of the key reasons why adopting new technology in this space is very slow. Restaurants need to work hard and establish their popularity in the community in addition to sustaining business on a day-to-day basis. This means that consumer-facing technology including payments often takes a backseat for restaurants. However, the COVID-19 pandemic changed how restaurants approach this all together. At the peak of the health crisis, many restaurants scrambled to offer services such as online ordering, delivery via third-party apps and even accepting contactless payments to put their customers at ease. Since then, restaurants have adapted quickly and effectively to the new normal and are continuing to offer enhanced services to their customers.
The holiday season is upon us and many retailers are already beginning to offer consumers enticing deals and boost revenue. While in-store shopping has experienced a tumultuous time since the start of the COVID-19 pandemic, merchants are hoping to regain ground this season. According to the PwC 2021 Holiday Outlook survey, consumers are expected to spend an average of $1,447 this year on gifts, travel and entertainment which is 20% over last year when the pandemic grounded most holiday activities.
