FreedomPay and Verifone, two leaders in payment technology, have collaborated with Retail Dive’s studioID to investigate the growing disconnect between retailer perceptions and actual consumer experiences in the payments space. Their joint study, Data Says Retailer Perceptions and Consumer Experiences Don’t Align, surveyed 150 retailers and 1,000 consumers. The results reveal critical blind spots in payment strategy, technology adoption, and customer engagement
1. Retailer Overconfidence in Payment Experience
- 86% of retailers believe their payment systems outperform competitors’.
- However, consumer feedback does not support this optimism, pointing to persistent frustrations and unmet expectations.
2. Consumer Preferences Are Being Overlooked
- 70% of consumers say preferred payment methods influence shopping decisions.
- Retailers often fail to offer popular options like mobile wallets and Buy Now, Pay Later (BNPL).
3. Checkout Friction Remains a Major Pain Point
- Consumers are deterred by long lines, slow service, and technical glitches at checkout.
- 75% of shoppers say the checkout experience directly impacts their choice of retailer.
4. Gaps in Data Collection & Personalization
- Retailers are missing critical opportunities to gather and use customer data for personalization and loyalty initiatives.
- This gap limits the ability to create tailored experiences and build lasting relationships.
5. Expert Insights on Future-Proofing Payments
- Tim Aden (Verifone) emphasizes the importance of servicing terminals effectively and optimizing the entire transaction journey.
- Chris Kronenthal (FreedomPay) urges retailers to embrace modern payment technologies to align more closely with consumer expectations and drive revenue growth.
The study is a wake-up call for retailers: perception is not reality when it comes to payment experiences. As consumer expectations evolve, the need for seamless, secure, and flexible payment options becomes essential. By partnering with innovators like FreedomPay and Verifone, retailers can close the experience gap, leverage actionable data, and build stronger customer loyalty in a competitive landscape.
