Collect+ and Wish announce Click and Collect partnership — Retail Technology Innovation Hub
Majority of merchants believe shoppers increasingly want a better customer experience (84%), cross-border shopping (81%), paying with multiple device types (80%) and greater personalization (79% ).
To meet these demands, they recognize that they must overcome certain challenges.
Overall, 50% say they find it difficult to compete with large chains that offer an innovative customer experience at checkout.
46% say regulatory compliance is a challenge, 46% find it difficult to navigate consumer trends such as BNPL, multi-currency and contactless. For 27%, the challenge is to reduce fraud, with these issues being more acute for e-commerce merchants.
34% of merchants in Europe plan to overcome these challenges by offering consumers more ways to pay. Physical stores (13%) are leading the charge on means of payment with e-commerce players (10%) catching up.
Just under a third of merchants plan to launch their own store cards and mobile apps and expand the range of payment options to better compete. Geographic expansion is another tactic considered (59%), mainly by British (88%) and Spanish (80%) brands.
“Reports of the Main Street death may be premature…or even just plain wrong,” says Alex Reddish, CEO of Tribe Payments.
“Merchants are responding to consumer demand and want to provide a highly personalized multi-channel shopping experience. This includes launching their own financial offerings through cards and integrated financing options.
“It’s up to acquirers and infrastructure partners to deliver the technology and innovation to enable merchants to compete with their rivals, both online and in-store, and meet consumer demand.”