Our Retail Therapy Study, which surveyed more than 1,000 consumers online, found shopping was more than just buying things, and that there were a number of factors that might impact a customer’s perfect in-store experience.
74% of shoppers believed that queuing made their shopping experience more stressful while 72% would not return to a store if they couldn’t easily find a product they want. The increasing importance for up-to-date POS systems such as Albert, which allows staff to roam and accept card and cash payments at the table, was highlighted; with just over half of shoppers expressing a desire to pay anywhere in-store, not just at the counter.
Cash is no longer king
Survey results have also found customers now use credit and debit cards as their primary payment when shopping or dining, meaning businesses need to embrace digital payments now more than ever before. With technology reshaping the relationship between consumers and business, 44% of customers also found to more likely trust a business that incorporated the latest technology.
Scott Mathers, owner of Pocket Espresso in Strathpine 15 minutes north of Brisbane, found he was losing business by only accepting cash, despite having large numbers of his customers still wanting to pay with debit and credit cards. After seeing a spike in his sales from the introduction of digital payments, Scott decided to introduce Albert into his business operations to further simplify the way his customers could pay.
Through Albert, it sparked a further shift in thinking for Scott, who has now introduced a pre-pay coffee system, where repeat customers can buy two or more coffees in advance; guaranteeing a customer to return and pick up their coffee the next day with the potential for them to also buy a muffin to accompany it.
“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,” said Claire Roberts, Executive General Manager, Local Business Banking, Commonwealth Bank.
With recent advances in technology now available to businesses of any size, small and medium retailers have a new opportunity to transform their point-of-sale and in-store experiences. In turn, boosting their sales and encouraging greater customer loyalty through repeat business.
Find out how Albert can help transform your business.
About the study: All data has been sourced from an online survey of 1,000 consumers that occured in January 2016. The survey was commissioned by Edelman on behalf of the Commonwealth Bank, and was undertaken by Edelman Intelligence. All analysis and views are solely those of the Commonwealth Bank. Commonwealth Bank of Australia ABN 48 123 123 124.