In addition to embracing online shopping options, customers have predominantly shifted away from paying in cash. According to Walker Sands' 2014 Future of Retail Study, 60 percent of shoppers carry less that $20 in cash at any time. Twenty percent don't carry any cash at all.

These figures point to the centrality of offering customers multiple payment options. Large retailers already accept credit and debit transactions, and many are embracing new retail technology, such as payment systems that allow consumers to use their smartphones to complete a purchase. However, all merchants should consider shoppers' payment habits and preferences to make sure they're not driving away sales opportunities. 

Beyond the decline of cash-based transactions, consumers' shopping preferences are changing, especially as they become more accustomed to the convenience offered by integrated multichannel approaches. Steven Barr, PricewaterhouseCoopers's U.S. retail & consumer practice leader, explained that consumers now take multichannel operations for granted and expect similar options across store platforms. Knowing these retail customer trends can help merchants stay competitive and optimize their marketing strategies. For example, the Walker Sands report found that 66 percent of online shoppers would choose to shop in brick-and-mortar stores if they offered mobile checkout. 

This entry was posted by Retail Pro on Thursday, February 27th, 2014 at 5:18 am .