RESEARCH: Future of Payments lies in innovation, customer service
New research from ACI Worldwide Inc. and Retail Systems Research reveals that retailers are not doing enough to keep pace with consumers' swift adoption of technology.
"The research from RSR highlights the fact that payment options, and how they are handled, are a strategic component of a retailer's brand identity," said Ralph Dangelmaier, president of global markets and services at ACI. "We are seeing a trend from organizations in all areas of payments, from retailers through to banks, to make their payment infrastructures more agile."
According to a news release from ACI, research found that while 69 percent of retailers surveyed indicate that maintaining or improving the customer experience is the main driver of their in-store technology investments, only the most successful merchants are focusing on the payment process as a way to achieve differentiation in the marketplace.
"By understanding the strategic nature of their payment systems, retailers can improve the customer experience and potentially drive down their costs," said Nikki Baird from RSR. "Retail today is defined not by how retailers want to sell, but by how consumers want to buy — and that applies to payments too."
The research report and subsequent webinar, highlighted concerns U.S. retailers have about their current technology, Baird says.
"In tough economic climates, retailers face the intense pressure of increased competition for customers and smaller margins," she said. "Reluctance to upgrade payment systems places restrictions on a retailer's ability to win the interest of these new consumers."
Find more information about the report, "Closing the Sale with the Connected Consumer: The Future of Retail Payments," and the webinar.