TECHNOLOGY
Moving Beyond Cash or Credit How consumers want to pay for their purchases has changed dramatically By Melissa Kress TEN YEARS AGO, Google gave the world a sneak peek at its newest feature, Google Wallet. When unveiling the innovation in May 2011, the company explained that the app would transform a phone into a wallet and would present merchants with an opportunity to strengthen customer relationships by offering a faster, easier shopping experience.
At the time, many wondered if the convenience channel would embrace mobile wallets. And even more importantly, some wondered whether consumers would embrace them. Considering the uncertainty of a decade ago, it’s amazing to see where payment options are now. How consumers can pay — and want to pay — for their purchases has changed dramatically, partially driven by the COVID-19 pandemic and partially driven by consumers' quick adoption of new technologies. Retailers are eager to meet today’s high expectations. Take Amazon, for example. The traditional e-commerce retailer entered the brick-andmortar space and debuted its ”just walk in and
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walk out” technology at its first Amazon Go store in early 2018. The Amazon Go concept relies on cameras and sensors to track what shoppers remove from shelves and what they put back. Customers are billed after leaving the store using credit cards on file. C-store retailers initially were nervous about Amazon Go, but then began rolling out similar frictionless checkout options at their stores. However now, just as the convenience channel catches up on frictionless systems, Amazon is at it again. This spring, the company began rolling out Amazon One to select Whole Foods Market stores. This new contactless technology allows customers to shop and pay using just their palm.
Talk to the Hand Can we expect the convenience channel to follow suit? The answer is: maybe. “I think it is our duty as retailers, particularly as convenience retailers, to bring our customers what they want. That means giving the customer what they want in payment options, product mix, and in removing friction and ensuring their transaction experience with us is as convenient
