How retailers can meet consumer expectations
A new study indicates that retailers are having varying success providing the shopping and payment options customers want.
According to “Special Report: Security” from Boston Retail Partners (BRP), retailers are lagging in implementing a single-token payment security solution across the enterprise. Tokenization enables retailers to remove sensitive information from the network by substituting payment card data with a token which is used as an identifier, but has no exploitable value or meaning. In addition to the increased security offered by tokenization, it is also key to enabling a shared cart across channels.
BRP analysis shows that only 38 percent of retailers have implemented a single token solution, and a mere seven percent offer a shared omnichannel cart. Yet 56 percent of customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or in the store.
However, retailers are actually ahead of customer demand when it comes to accepting mobile payment in the store. While BRP data shows 38 percent of consumers are likely to choose a store if it offers mobile wallet/payments, 59 percent of retailers accept in-store mobile payment.
Other interesting data points include:
• 50 percent of customers are likely to allow retailers to save personal details if it eases the checkout process and allows for more personalized offers.
• 33 percent of consumers are likely to allow retailers to save credit card details if it eases the checkout process.
• 61 percent of retailers have implemented end-to-end encryption to offer customers greater security of their personal and payment data.
“Tokenization is a top priority for many retailers, as it improves the security of sensitive customer payment data,” said Ryan Grogman, senior VP and practice lead, BRP Consulting. “Tokenization technology is also valuable as a foundation to enable a seamless experience for consumer returns, customer profiles and electronic shopping carts that need to retrieve data across channels.”