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Retail Payment Trends: The Road To Frictionless Checkout

Retail Payment Trends: The Road To Frictionless Checkout

Payment's place as the final step prior to ownership makes the checkout queue a key point for minimizing friction. Long, slow-moving queues have long plagued brick-and-mortar retailers, while user-unfriendly digital checkouts are a perennial e-Commerce problem, but new technologies are making significant headway in addressing these issues.

This new era in checkout is being powered by a wide array of solutions, each with different use cases and user bases. Retailers must understand their shoppers' habits and needs to find the right cure for their checkout headaches. Some of the solutions hitting the mainstream include:

  • Mobile payments: Even traditional cash registers can be sped up with mobile payment apps that eliminate the need for shoppers to dig through their wallets in search of cash, a credit or debit card;
  • Cashierless stores: While this technology can be prohibitively expensive, it may present new options for both the customer experience and labor cost savings as it develops; and
  • Alternative payment methods: Popular among younger shoppers, interest-free buy now, pay later solutions such as installment plans can encourage conversions and increase AOV.

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