Evolution of the Customer Checkout Experience
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Evolution of the Customer Checkout Experience

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See how the checkout experience has evolved and where it is heading in the latest slideshare from the team at Merchant Warehouse.

See how the checkout experience has evolved and where it is heading in the latest slideshare from the team at Merchant Warehouse.

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Evolution of the Customer Checkout Experience Evolution of the Customer Checkout Experience Presentation Transcript

  • The Evolution of the Customer Checkout Experience
  • All businesses need to accept payments from theircustomers; however, the form of those paymentshas changed over the years. Credit cards havereplaced a substantial percentage of cashtransactions, and smartphone-enabled digitalwallets are slowly replacing credit cards, even forin-store purchases.We review the evolution of the customer checkoutexperience below with an eye toward where it’sheaded.
  • The Pre-Electronic Era
  • Phase 1Accepting Cash
  • In 1995, 60% of shoppers used cash exclusivelyfor purchases.
  • Phase 2Accepting Checks
  • In 1998, 87% of all U.S. households had checkingaccounts.By 2002, there were 42.5 billion checktransactions for every 15 billion credit andcharge card transactions.
  • The Rise of Swiping & Digital Payments
  • Phase 3Accepting Debit & Credit CardsLearn more athttp://merchantwarehouse.com/credit-card-processing
  • Only 2% and 8% of shoppers used debit andcredit cards, respectively, in 1995.By 2003, 31% of shoppers used debit cards, andanother 21% used credit cards.
  • Phase 4Accepting Gift Cards & Loyalty Programs
  • In 2006, shoppers purchased $80 billion worthof gift cards, and 2/3 of consumers planned togive one to someone.
  • Phase 5Accepting EMV/NFC/Mobile Payments
  • Now, retailers can embed promo codes into theirNFC processors that are redeemed automaticallywhen shoppers check-out using their NFC enableddevices, including:DiscountsRebatesCouponsGift CertificatesFree Delivery
  • Advertising these promotions throughout the store willencourage shoppers to buy with their mobile devices.NFC-enabled, in-store mobile payments are expected torise to $180 billion by 2017.The number of phones with NFC capabilities will rise to45% by 2016.Learn more at http://merchantwarehouse.com/mobile-payments
  • Looking Ahead
  • Mobile Point of SaleEvery employee is a potential cashier. Apple isthe biggest and most prominent retailercurrently utilizing the technology. More than6,000 Nordstrom salespeople use mobilephones to make customer transactions.
  • Self-CheckoutIn a growing number of stores, consumers cannow make purchases on their own anywhere inthe store as soon as they are ready to pay,reducing line congestion and eliminating salesfriction. USA Today reported JC Penney hopes toeliminate cash registers entirely by 2014.
  • The customer checkout experience hascontinuously evolved to provide greaterconvenience less friction, and a more enjoyabletime in the store. Mobile point-of-sale and self-checkout capabilities are poised to lead theshopping revolution in a store near you!
  • Sources:Merchant WarehouseCheck Payment Systems AssociationNew York TimesEntrepreneur.comUSA TodayLearn more at http://merchantwarehouse.com