"...Security is top of mind for consumers. The numbers show that online retailers have a trust barrier they need to overcome." - Brent Warrington, CEO, SecureNet
Las Vegas (PRWEB) November 03, 2014
Even while mobile shopping continues to gain traction in the U.S., retailers are facing increased pressure to create an omnichannel environment for their connected customers. According to a new consumer survey from SecureNet, point-of-sale security and user experience are driving the preferences and behaviors of American shoppers, from millennials to baby boomers.
SecureNet, an end-to-end payments processor, is releasing the findings of its 2014 The Way We Pay study exclusively at Money 20/20. SecureNet is a five-star sponsor of the event and will be exhibiting at booth “Bluethorn1.” SecureNet CEO Brent Warrington will also be sitting on a panel discussion, “Payments Data: Intelligence Beyond the Swipe,” on Monday at 1:55 pm Pacific Time.
Among the findings of SecureNet’s study:
Showrooming is leading to more mobile shopping
While mobile showrooming shows no signs of slowing, many shoppers are no longer waiting to get home before purchasing an item they examine in-store:
- More than one in five consumers (21 percent) have purchased a product from their smartphone while browsing for the same item in a physical store.
- Among shoppers 18-29, this number is 25 percent. Among shoppers 30-44, it’s 33 percent.
“We are living in the ‘age of the customer,’ in which merchants must provide a seamless shopping experience across all payments channels – in-store, online and via mobile,” said Brent Warrington. “Without a system to manage and reconcile inventory and data across all of those channels, retailers risk losing sales from customers who have little patience waiting for unavailable products.”
Secure checkout, shipping cost weigh heavily on online purchase decision
Amidst recent large-scale retail data breaches, security remains a top priority for consumers looking to make purchases online, while shipping cost follows closely behind among older demographics:
- Shipping cost, secure checkout and easy returns/exchanges are the top three factors impacting the decision to buy online among shoppers ages 18-44 years old.
- Secure checkout is the most important factor impacting the decision to buy online among shoppers ages 45 and older, with shipping cost and easy returns/exchanges following.
- 45 percent of consumers are less likely to shop at a retailer that has recently suffered a data breach.
“It comes as no surprise that security is top-of-mind for consumers. The numbers show that online retailers have a trust barrier they need to overcome,” Warrington said. “With the latest security technology, however, including end-to-end encryption, tokenization at point-of-entry and fraud detection, retailers can more effectively manage integrated payments across all channels.”
Data collection for targeted promotions is generally accepted by consumers
According to the study results, more than three in four consumers (77 percent) say they would shop more frequently at a retailer that offers customized promotions based on past purchases.
“SecureNet’s survey shows retailers shouldn’t be afraid of collecting certain types of shopper data, provided they store it securely and use it intelligently,” Warrington added. “Payments solutions that can provide detailed business and purchasing analytics in real time can help merchants better optimize the shopping experience, retain their customer base and even successfully transition from in-store to online and mobile selling.”
Americans are turning their backs on cash
More than 55 percent of Americans carry less than $20 in cash on a typical day. Among 18-to-29-year-olds, this number leaps to 68 percent. Meanwhile, plastic shows no signs of slowing, with one in four Americans saying they use their debit or credit card more than 10 times a week.
“As Americans, and especially the younger demographic, carry less cash and rely on credit and debit cards for purchases, small businesses wishing to capture transactions outside of their brick-and-mortar stores need to equip themselves to better capture card-present payments via mobile devices,” Warrington said.
The Way We Pay Study and Methodology
The Way We Pay is a survey of 750 U.S. consumers across all demographics that examines the changing payments ecosystem and helps merchants better understand the perceptions and behaviors of today’s American buyer. The survey analyzed consumer opinion across a variety of segments, including mobile showrooming, shopping cart abandonment, security and the prevalence of cash as compared to credit and debit cards.
About SecureNet Payment Systems
SecureNet is streamlining the way businesses accept payments. SecureNet's integrated suite of payment tools is the simplest and most advanced way for merchants of all sizes to manage commerce in any environment: in-store, online and via mobile devices. The industry-leading, cloud-based platform seamlessly integrates payments processing and inventory management, backed by detailed business analytics that help merchants make informed decisions to grow their business. SecureNet’s unique direct connection to card networks makes pricing the most transparent and straightforward in the industry. SecureNet is headquartered in Austin, Texas. Find more information at http://www.securenet.com.