Time hungry consumers want fast transactions

7 August 2017, Smart Machines

Today’s consumer is time poor and increasingly seeking faster transactions. People have become accustomed to buying things online at the click of a button and this habit is altering the way they make purchases in retail – especially convenience purchases, such as food and drink.

The increasing popularity of quick transactions and instant purchases has been heavily influenced by the rise of online shopping where customers can get what they want at the click of a button. Last year alone, £133bn was spent online with UK retailers – that’s £18bn more than the previous year!

Our latest research has revealed that the number of consumers using contactless payment to a pay for a lunch that’s worth £5 or less has risen by 300% in the last year.[1] Grab and go contactless purchases are on the rise and the vending industry needs to take notice.

The in-depth research also revealed that 63% of people would switch to paying with contactless if it was available on a vending machine, with 40% of those saying this was because it would make the transaction quicker.

The fast rise in contactless cards and increased acceptance in retail outlets has inevitably led to rising consumer expectations around the ability to use contactless payment whenever and wherever they go, especially for low priced items and everyday convenience purchases.

This presents a golden opportunity for vending operators to drive sales by providing a robust, quick payment transaction that reduces the barriers between the customer making an impulse purchase. Not only will this smooth the customer journey and create an enjoyable experience, but it will also drive repeat purchase.

[1] Vianet. (2017, 01 25). Consumer research into vending on a proportional representative panel of 2000 UK consumer. Ginger Research.

 

 
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