Direct-to-consumer brands like Everlane and Bonobos, fast casual grain bowl chain Sweetgreen and beauty salon Drybar are just a few businesses that have adopted a cashless model. But consumers aren't necessarily ready to do away with cash.
Ecommerce-wise, sometimes it seems like everything old is new again. Traditional retail features like layaway and installment plans have been adapted for online shopping and are growing in popularity—especially among younger consumers.
Like customer experience and digital transformation, the need for innovation has become a priority across industries. Retail is no exception. A new PYMNTS and AEVI survey examined what is motivating retailers to innovate payments. The biggest driver to innovate was competition (84.6%). No one wants to get left behind, and many just want to be on a level playing field.
Modern point-of-sale systems do more than function as glorified cash registers. They process customer transactions, but also integrate with inventory, promotions and other aspects of the shopping journey that are increasingly vital to customer experience.
The news that Starbucks was among the companies working on a platform called Bakkt that will allow consumers to "buy, sell, store and spend digital assets on a seamless global network" was widely interpreted as a sign that the coffee giant was set to accept cryptocurrency payments. Not exactly.
It may seem like science fiction, but biometric payment—scanning an iris or veins in a palm—is a growing reality around the world. Due to the ubiquity of smartphones, the need for faster and more accurate logins has arisen and using fingerprints rather than typing passwords is now an accepted norm. Payments using biometric markers is a logical next step.
According to a recent survey, about eight in 10 US retail executives are considering it. But operations managers—essentially those that are more involved with the customer journey—are not so sure.
Some retailers and restaurant chains are open to the possibility of shifting away from cash, but new survey data found that not all consumers are on board, indicating that bypassing cash could be a risky move.