Retailers integrate new digital payment options to in-store concepts
Implications - Brick-and-mortar retailers have begun integrating vanguard point-of-sale systems as consumers embrace a range of mobile payment innovations. From payment apps to QR codes, this shift empowers consumers by giving them countless digital payment options in-store. This progression is related to the convenience revolution happening within retail, but also indicates that brands need to simultaneously quell growing consumer concerns surrounding security.
Workshop Question - What steps are keeping your consumer from having the most convenient experience possible?
Trend Themes
1. Mobile Payment Systems - Brands are collaborating with financial institutions to introduce integrated mobile POS solutions that promise quicker, simpler, and more secure payments than traditional retail environments.
2. Express Checkout Apps - Self-checkout apps with convenient features such as barcode scanning and various payment options are simplifying the retail payment process for consumers while reducing infrastructure costs for retailers.
3. Tap-to-pay Festival Initiatives - Tap-to-pay technology, incentivized through program offerings such as express lines, reduced prices and gifts, is increasingly used as a marketing and sales tool at music festivals to increase efficiency, keep festival-goers satisfied, and reach a younger demographic.
Industry Implications
1. Retail - Retailers are embracing brick-and-mortar integration of digitally advanced point-of-sale systems and are seeking innovative ways to balance consumer convenience with security concerns.
2. Mobile Payments - The mobile payments industry is advancing the retail payment experience with integrated mobile POS solutions, self-checkout apps, and tap-to-pay festival initiatives, increasing efficiency and prioritizing loss prevention.
3. Marketing - Marketers are using tap-to-pay technology as a promotional and sales tool to reach younger demographics, while streamlining festival attendee purchases with express lines, reduced pricing and special gifts.
