Technology brings consumer trust: survey

Failing to utilise the latest payments technology could be losing you customers, according to a new survey, as consumers look for businesses that offer trustworthy and efficient retail experiences.

Failing to utilise the latest payments technology could be losing you customers, according to a new survey, as consumers look for businesses that offer trustworthy and efficient retail experiences.

According to the research conducted by Commonwealth Bank, the most important factor for consumers when determining whether to buy in a store or restaurant is the overall level and efficiency of customer service, including the payments process.

More than two thirds (68 per cent) of research respondents said they feel their retail therapy is ruined by inefficient customer service, while 74 per cent said that queueing makes their shopping experience more stressful.

Faster payments processes are not the only part of the retail experience that customers consider important.

Tipping at restaurants and cafes, for example, was an anxious experience for 65 per cent of respondents. However, when being asked for a tip electronically at the point of payment, this figure dropped to 46 per cent.

The inability to spilt bills easily and quickly was another customer gripe, with 78 per cent of shoppers wanting the opportunity to split bills.

“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 of local business banking at Commonwealth Bank.

“With recent advances in technology now available to businesses of any size, small and medium retailers have a new opportunity to transform point-of-sale and in-store experiences to drive sales and encourage greater customer loyalty through repeat business.”

Businesses looking to forge longer-term relationships with customers should also consider rewards programs, according to the research.

A hefty 84 per cent of shoppers said they are likely to make use of loyalty or rewards programs, and the same proportion said they are more likely to spend money with a business they feel connected to.

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