From the days of checks and cash, payment methods have evolved along with technology. Currently payment cards dominate the transaction industry. According to The Statistics Portal, 34.7% of card holders use debit or credit cards for most of their purchases.
The same is true for the checkout experience. Customers no longer need to contend with old-fashioned registers and tills — technology is helping to eliminate long lineups and streamline transactions in the process.
So, what does the future of retail transactions look like for your business? What types of payments should your business accept going forward? And how should your checkout experience look for shoppers?
Tulip Retail states: “With a smartphone in every pocket and the expansion of advanced barcodes and imaging technologies for scanning products, faster alternative checkout methods will continue to grow across the retail sector,” says Tony Rodriguez, CTO of digital identification solutions provider Digimarc.
Here’s what you need to know about alternative checkout methods for your retail business, for now and in the future.