talech retail research: Consumers and retailers not on the same page

Over the past decade, the rise of smartphones and always-on experiences have fundamentally changed how consumers use technology to communicate, share, travel and transact. Over the same period, new retail innovations from check-ins and digital loyalty to beaconing and Apple Pay, are allowing businesses and consumers to interact within and beyond the store. But how quickly are retailers adopting new technology? To understand this question, talech conducted a survey of consumers and businesses.

We surveyed over 1,000 consumers and over 500 retailers in the U.S. to find out the pace at which retail technology is being adopted and used, and whether retailers are meeting the growing demand from consumers for a more high-tech experience.

What we found is that retailers are largely lagging behind when it comes to keeping pace with the consumer appetite for in-store tech. In fact, we found that 67 percent of retailers have no plans to adopt any new technology in their stores.

Specifically, consumers want retailers to offer tablet-based checkouts (hey, that’s us) loyalty programs and store-branded smartphone apps. But our research found that despite nearly half of consumers saying they want to see tablets in stores for payments, only 22 percent of retailers think that customers want in-store tablets.

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Key insights:

– Consumers think stores or restaurants who use tablets are more up-to-date, efficient and customer-focused. Good news for talech customers.
– 42 percent of retailers haven’t updated their POS system in over three years
– Despite 87 percent of consumers wanting a customer loyalty program, only 11 percent of retailers plan to adopt one
– Despite 46 percent of consumers wanting a store-branded smartphone app, only seven percent of retailers plan to use one

It’s no surprise, but we also found that the trend towards greater in-store use of technology is being driven by a young and emerging generation of consumers. We found that 52 percent of 18-29 year olds want tablet-based checkouts, vs. only 34 percent of those over age 60.
What does this all mean to the small business owner? This new consumer is going to represent a larger percentage of your customer base, so understanding and offering  the latest technology becomes increasingly important to stand out.

To find out more about this research or to download the full report, please visit: https://bit.ly/18VO377

Make sure to keep checking back for the latest research from the talech team as we continue to uncover more insights for small businesses on what’s driving more engagement with their consumers.

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