A recent survey has revealed the preferences of customers around the globe when it comes to payment methods, in news which may interest retailers in Australia.
The type of payment methods offered can have a significant impact on customer loyalty, so they need to be considered carefully as part of your retail strategy.
The study Optimising your Omni-Payments: Consumers, Payments and the Future from WorldPay found that in the future, 49 per cent of customers surveyed said they wanted biometric payments (involving fingerprint, palm or iris scanners).
In addition to this, 30 per cent said they wanted to use PIN-based smartphone payments, while 25 per cent opted for online wallets and 23 per cent wanted to use SMS payments.
Payment through a social media channel emerged as the least popular choice, with only 12 per cent of respondents indicating they would prefer to use it.
While some of these payment methods may seem futuristic, many retailers today are making great strides in the area of IT innovations.
In a recent Forbes article, writer Lewis Gersh identified American retailer Target as being one of the top brands to make significant investments into in-store, omni-channel strategies – something which Australian retailers may need to consider in the future.
The retail research also shed some light on smartphone behaviours and habits, and how these made an impact on the retail sector.
While several customers choose to make payments through their smartphones, the majority prefer to use it in other ways during the shopping experience. For example, 45 per cent said they used their phone for “show-rooming”, where they visit a physical store first then shop later by going online.
Meanwhile, 45 per cent also use their smartphones to check prices, 31 per cent share about their shopping experiences on social media, and 28 per cent use smartphones to download vouchers and other offers.