When the checkout experience is quick and efficient, consumers prioritize shopping with you. Who would have thought?
According to new research conducted by payments platform Paysafe, nearly 80% of small to medium-sized businesses (SMBs) believe that offering up a seamless checkout experience is critical to their growth. And 69% of merchants are looking to increase their sales by reducing the time their customers spend during checkout.
SMBs’ increased focus on their checkout experience comes at a time when many are optimistic about their growth opportunities despite the ongoing economic uncertainties. Fifty-six percent of in-store retailers, including restaurants and other service providers, believe 2023 is going to be “better than 2022.”
“We were happy to see that most merchants are optimistic about the year ahead and that they appreciate the contribution that payments can make to the overall customer experience and ultimately as a key differentiator for their businesses’ growth,” said Paysafe’s President of Merchant Solutions, Afshin Yazdian.
That said, retailers are now also putting some of their efforts back into their in-store experience. Seventy percent of surveyed businesses said they want to prioritize integrating new payments technology in-store to enhance customer experience. Nearly half of them want to support mobile payment methods such as QR codes, and 42% plan to offer apps that allow shoppers to pay for goods and services automatically.
Overall, more than 80% of SMBs believe that offering a seamless payment and checkout experience is key to winning and retaining new customers.
These technological upgrades will build upon the investments SMBs made during the pandemic, when many were forced to develop and/or expand their digital presence in order to drive growth.
Paysafe’s research shows that those digital investments are still continuing to yield value for most businesses. Sixty-two percent of SMBs noted that having an online presence is critical for their business to survive and thrive in the future – whether that be through making connections on social media, offering promotions, or virtual checkouts.