The changing habits of consumers, especially when it comes to purchasing decisions, is the subject of constant study for self-service deployers. MEI, which develops payment systems for a wide variety of applications, provides this exclusive report for KioskCom.com.
Hectic lifestyles and two-income households have led to a steady decline in “social time” these days. Impatient consumers would rather spend their limited free time with friends and family rather than waiting in line at a grocery store, bank, or other retailer. Self-serve systems are one solution. But, the ability to provide customers with self-serve options isn’t just about convenience; it’s a matter of retail survival.
In a recent survey of 1,000 U.S. consumers, Cap Gemini Ernst & Young (CGE&Y), Intel, and Cisco Systems found that buyer frustrations – including long checkout lines, lack of visible prices on products, and difficulty finding employees to assist with purchases – cause a significant number of consumers to walk out the door empty-handed. Retailers both in the U.S. and around the world are banking on advanced self-serve systems to put an end to this negative trend.
To maximize the return on investment and see a clear increase in sales volume, retailers must design their systems with buyers in mind. That means spending time and effort to understand their buyers' needs. The past few years have clearly shown that kiosks, self-checkouts and other self-serve system roll-outs have been most successful when the retailer carefully asked the following questions before launching into the design phase:
1) How do my buyers make in-store purchases? 2) What forms of payment do my customers use for varying purchases? 3) Do my customers carry cash or credit cards, or do they prefer other form of payment, like debit cards or stored-value cards? 4) Are my customers typically in a hurry, or do they have more time to shop? 5) Are they familiar and comfortable with technology, or are they intimidated by it?
Money and payment systems are just as much sociological and psychological phenomenon as they are a financial mechanism. If electronic payment systems are to succeed in any retail environment, they must be. . . continued
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