As we close out 2021 and begin 2022, we see a retail landscape that’s very different than it was two years ago. The global COVID pandemic served as a catalyst for the evolution of how consumers prefer to shop. For example, Accenture predicts an increase of 169% in online purchases from new and low-frequency users. This is just one example of how consumers have pushed toward the convenience of digital services to fulfil their shopping needs.
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.
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.
Imagine you are watching a basketball game at a sports stadium. During the break, you go to the concession stand to buy some snacks and beverages for your kids. You walk up to the counter, pick the stuff you need want and simply walk away without waiting in any lines – your payment is automatically deducted from your credit card! Examples of what I just described already exist with use cases from Amazon Go stores or the TD Garden concession store in Boston. Making payments frictionless is not some marketing gimmick, instead, it is about making payments easier and seamless for the customers; who doesn’t want to skip the long lines?!
Retail checkout is changing. As consumers across the globe get used to more flexible shopping experiences, retailers are adjusting their technology needs accordingly. Not too long ago, most stores only had fixed checkout lanes. Whether you were shopping for groceries, apparel, appliances, or computers, you could only pay for that merchandise at a fixed location within the store. While the point of decision for the consumer has always been the moment when they selected the merchandise and decided to purchase it, the transaction took place at a different location in the store. Retail experience needs to be reimagined for the new customer.
