Hospitality businesses that adopt the latest payment technologies in-store are better at retaining customers and viewed as more trustworthy than their cash-only counterparts, according to findings from new Commonwealth Bank research.
The research looked at the emotional and rational drivers behind customers’ perfect in-store experiences, revealing inefficient customer service (68 per cent) and queuing (53 per cent) as two of the biggest contributors to a poor ‘retail therapy’ experience. With 75 per cent of those surveyed using a credit/debit card as their primary payment method, the study indicated that cash is no longer king and digital is fast becoming the norm. Half would avoid a store if they have to wait to make a payment.
Just under half (47 per cent) of survey respondents believe retailers that use the latest technology are more in tune with their needs as a customer, with a further 74 per cent suggesting they would stay loyal to a business that offers personalisation.
Claire Roberts, executive general manager, local business banking, Commonwealth Bank, said: “Technology is reshaping the relationship between consumers and businesses. 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.
“Embracing technology allows businesses to better understand their customers, their marketplace and investigate, through data insights, how brand loyalty can be achieved. This in turn generates connections with customers that strengthen loyalty programs and with 84 per cent of Australians more likely to buy from a store they feel connected to, this is a telling trend. Technology can power loyalty.”
One leading payment device that is paving the way for this enhanced in-store ‘retail therapy’ experience is Albert, the world’s only device to both take payments as well as access front-end point of sale and back-end processing systems of businesses.
“At the end of the day, consumers want a smooth retail therapy experience and technology delivers that. When there are affordable solutions such as Albert in the marketplace, there is no reason for businesses to generate unnecessary friction and demand cash-only spending,” said Roberts.