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Frictionless Retail Technology Solutions to Enable A Touchless Economy

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    The demand for smooth retail solutions is at an all-time high. Experts even predict that the contactless payments market is set to exceed $3 trillion by the year 2025, improving shopping experiences for all consumers. If your business still doesn't make use of modern contactless payment technologies, now's the best time to look into your options. Otherwise, you'll be missing out on a lot of potential profits.

    One reason frictionless payment technology has grown to become a must-have in the retail environment is the focus on boosting customer experience. This technology speeds up the checkout process by eliminating the unnecessary extra authentication steps without compromising transaction safety and legitimacy.

    Here are some of the best frictionless technology options retailers can consider integrating into their checkout system:

    Contactless Payment Solutions

    Contactless transactions have been around since the early 90s. Although, at the time, very few retail stores and banking institutions accommodated transaction requests through these channels. Not long after, however, these quickly became an essential element to the customer shopping experience. In fact, there are currently half a billion credit card accounts in the U.S. alone.

    There are plenty of ways for retailers to approach a touchless economy. They can make use of modern point-of-sale (POS) systems that process mobile transactions, launch a site that accommodates international shopping or get a card and mobile processor like PayPal that offers a fast and streamlined checkout process. Overall, the goal is to eliminate unnecessary interaction through automated systems.

    Here are some of the other mediums used for contactless transactions:

    • Smart Cards
    • Key Fobs
    • Prepaid Cards
    • Digital Wallets

    Mobile Payment Apps

    Digital wallets are quickly gaining popularity. They might not be the go-to choice of the average American customer for contactless retail transactions yet, but more and more users are beginning to see their advantages over card and cash alternatives. A recent survey reveals that around 80 million Americans prefer to use digital wallets for their daily shopping needs.

    One advantage digital wallets have over cards is they utilize modern anti-hacking systems. Unlike credit cards, sensitive information are encrypted, not transferred. At no point in the transaction will the card information be passed, processed, or stored—this leaves less opening for hackers to attack.

    Furthermore, statistics show that around 30% of merchants globally are open to accommodating shopping transactions using the following digital wallet apps:

    • Apple Pay
    • Venmo
    • Google Pay
    • Samsung Pay
    • PayPal

    eCommerce Payment Providers

    The card networks and transaction methods your business accepts heavily relies on the capacity of the payment gateway provider you choose for your eCommerce business. If you run a global business, go with a multi-feature system that accepts major card brands including Visa, Amex, and Mastercard from shoppers all across the globe. On the other hand, those who run small shops can opt for the more affordable, smaller systems built for specific local transactions.

    Providing your customer with multiple alternatives to traditional debit and credit card transactions is a simple, efficient way to encourage them to push through with their order. Some of the most popular options eCommerce entrepreneurs should look into include:

    • PayPal
    • Authorize.net
    • Stripe
    • 2Checkout
    • Amazon Payments

    Frequently Asked Questions

    What is the touchless economy? 

    The touchless economy refers to the shopping of goods and services with little to zero human interaction involved. This is one of the few industries that thrived during the recent COVID-19 pandemic. In fact, the availability of online eCommerce sites is partly why hundreds of thousands of brick-and-mortar stores shut down in the past year. People would rather do their shopping and order essentials online for a more seamless experience.

    Does my business need frictionless retail tools? 

    Frictionless tech is definitely a must for all online businesses. In fact, statistics show that 20% of online shoppers abandon their carts and look for another retailer if their preferred transaction method is unavailable.

    On the other hand, business owners who run a brick-and-mortar business can consider upgrading to a frictionless solution if they already have multiple shoppers that use mobile wallets. If most of your regulars still prefer cash and credit card payments, getting a new POS system might be an unnecessary expense. Ideally, you should be able to cover the cost of the initial investment by having multiple shoppers experience the faster checkout process.

    Processing Card can help entrepreneurs determine the best type of eCommerce processor they can incorporate into their online business. Check out our online payment resources at Processing Card!

    Additional Resources

    The Rise of the Contactless Economy

    Research shows that contactless tech is one of the very few industries that thrived during the most recent COVID-19 pandemic. Customers are starting to carry less cash and make more purchases from their homes. If you don't expand into alternative payments soon, customers might stop patronizing your services and products.

    Upgrading to the 3d Secure 2

    The innovative 3d Secure 2 technology upgrade has shifted traditional online shopping experiences by removing the extra authentication steps old payment gateways used. Such tech allows merchants to authenticate transactions with very minimal effort and cooperation required from their customers.

    If you want more sales, prioritize providing excellent customer service. Remember: in a fast-paced, technologically dependent society, instant gratification will always put you ahead of the retail competition. Speed up the sales process and make shopping from your store an overall hassle-free experience.

    Looking for more ways to boost customer shopping experience through easy checkout options? Processing Card has multiple resources that retailers can use to learn more about modern-day payment technologies. Visit the Processing Card website today!

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