COVID-19 has changed much of consumer behavior and expectations when it comes to payment options both in store and online, and many of these changes are expected to stick moving forward. As we begin a new year, we predict the four payment trends that will become even more prominent in 2021, and what retailers must do to prepare.
1. Shift to flexible, standalone online, pickup in-store (BOPIS) technology
Looking ahead, BOPIS will likely continue to grow even after the pandemic. In response, retailers will need to ensure that they properly implement this capability not as a temporary solution, but as a permanent long-term fixture. The new look of BOPIS is much “lighter,” and allows for the technology to be deployed instantly, without the need to integrate with existing systems. A flexible, standalone BOPIS solution also provides the option for retailers to address integrations later on, as they have the need or desire to do so.
2. Rise in frictionless shopping services
Mobile ordering, scan-and-pay and cashierless cameras are emerging frictionless technology options that retailers can leverage to eliminate consumer pain points and wait times. In 2021, retailers will also look into implementing connected car capabilities for in-car purchases, giving on-the-go consumers who are making normal or recurring purchases another option to quickly browse and order the items they need. These frictionless payment options will play out in 2021 as retailers look for ways to deliver the speed, ease and convenience that today’s shoppers demand.
3. Demand for contactless QR experiences
The pandemic has ushered in a new use of QR codes as they are a go-to for contactless interaction. QR codes are a critical integration for any retailer looking to establish seamless, contactless experiences for shoppers, while also remaining in control of the customer interaction. Providing QR codes and other forms of digital payments is a key factor for in-store and curbside success. Multiple contactless payment options and creatively enhancing QR codes’ functionality is a win-win for both customers and retailers in the current and post-pandemic era.
4. Move beyond EMV-compliant at the pump
The EMV deadline is approaching in April 2021, which means fuel retailers will need to achieve the new EMV standards if they haven’t already. While they’re evaluating existing processes, we’ll see innovative winners go beyond EMV compliance by integrating fuel payments with in-store systems. That way, stores can create one cohesive, seamless journey for the customer that drives a positive interaction and encourages loyalty – presenting a great opportunity to future-proof their payments.
