“The brands that are finding success in recovery and growth are also those that actively seek solutions to new challenges by creating fresh, seamless experiences to engage customers across the channels they find most valuable,” says Talbott Roche, president and CEO of Blackhawk Network. In “The Way Payments Are Now Done,” Roche and 32 other industry executives share their insights on how consumer behaviors continue to change amid the rapid digitization of payments.
In a time of increasing change for businesses and people, the current global climate has accelerated the digitization of payments at a much quicker pace than previously envisioned. For Blackhawk Network, broader adoption of mobile payments has been critical to reshaping the commerce experience for both retailers and consumers.
This digital payment acceleration has become critical to creating a customer experience that is convenient and contactless. And retailers that are leaning into this trend will be rewarded. Blackhawk Network surveyed shoppers and found that most will spend more money with retailers that offer more digital payment methods.
Along with shopping more frequently (69%) and spending more (54%) at retailers where they can use digital payments, most shoppers surveyed (85%) also reported that digital wallets have made shopping easier. Furthermore, bar code payments have allowed an increasing number of retailers to sell or retail digital goods, expanding their proposition in-store.
But getting consumers to use their mobile wallets is just the first step – and in a post-pandemic world, our role is to continue to innovate. We must drive additional value into an integrated payment experience, including coupons, rebates and incentives to enhance value for consumers, in a way that does not overtask retailers’ existing operations. The biggest winners in the next phase of the payments race will be those providing enhanced choice in a seamless experience to consumers, while making it effortless for retailers.
Over the last year, we have all adopted a more digital lifestyle, and the reality of future payments is hybrid. We have evolved our expectations in work, in life and in payments to expect hybrid interactions and transactions. In fact, 63% of respondents to our research are more likely to shop at a retailer if it accepts the digital payments they use. We must better connect physical and digital payments to cater to customers’ preferences for both.
The brands that are finding success in recovery and growth are also those that actively seek solutions to new challenges by creating fresh, seamless experiences to engage customers across the channels they find most valuable. The key will be for retailers to invest in their digital platforms.