According to a recent study, only 15% of consumers are highly satisfied with the self-service tools available, yet the unattended payments market is projected to reach $129 billion globally by 2030.
Human interaction used to be essential for finalizing transactions at traditional point-of-sale locations. However, there has been a shift, with unattended payments technologies increasingly becoming indispensable in today’s fast-paced retail environment.
Today’s Rundown
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- Fresh off the Press: NRF’s annual review of the best-performing U.S. retailers based on sales rankings.
- The Future Of Retail: Trends to watch in the second half of 2024.
Market Watch
Furniture Industry
Mattress Industry
Q2 Benchmark Report
We are pleased to release our latest quarterly Benchmark report! Dive into the numbers and see how your store compared to the industry average over the last 3 months.
Trakwell Use Case: Advertising Effectiveness in the Mattress Industry
In the competitive mattress industry, understanding which advertising sources yield the best results is crucial for maximizing return on investment (ROI). In the following Use-Case, see how each advertising source has its strengths and weaknesses.
Here’s what we learned:
- Mobile Ads generate the highest average ticket but have a low volume of opportunities.
- Online Reviews balance a high average ticket with a strong conversion rate.
- Walk-ins provide the highest volume of opportunities but have the lowest conversion rate.
- Be Back (visited prior) and Customer Referral both have excellent conversion rates with substantial average tickets, making them highly effective overall despite the lower volume of opportunities.
Continue reading the use-case to learn more about advertising in the mattress industry.
Unattended Payments Shape the Future of Retail Transactions
Traditionally, finalizing transactions at point-of-sale locations relied heavily on human interaction. However, there has been a significant shift towards unattended payment technologies, which are now becoming indispensable in today’s fast-paced retail environment.
The unattended payments market is anticipated to reach $129 billion globally by 2030, presenting substantial opportunities for businesses in the global commerce sector.
A recent study reveals that only 15% of consumers are highly satisfied with the available self-service tools, highlighting a considerable gap between merchant offerings and customer expectations. This gap poses a risk for merchants, as failing to meet these expectations could result in losing ground to competitors.
To navigate this evolving landscape, merchants must balance speed, value, and practicality. Achieving this balance requires a deep understanding of consumer needs, business models, and associated risks for the successful implementation of unattended payment solutions.
“As with any new technology deployment, examining your business model, understanding your customer, and identifying potential risks are crucial to meeting consumer needs and achieving the right balance,” says Ellie Smith, global head of digital acceptance at Discover.
Once industry players identify the best solutions for each consumer and experience, Smith adds, “consumers will become more comfortable, and satisfaction will continue to increase.”
Retail Snippets
Fresh off the Press: NRF’s annual review of the best-performing U.S. retailers based on sales rankings.
Store Closures: Conns, a 134-year-old home goods retailer, has filed for bankruptcy.
Report: Walmart releases first annual State of Adaptive Retail Report.
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