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The federal agency surveyed major retailers and was concerned to find three retailers impose $90 million in fees annually when consumers ask for cash back with a debit or prepaid card purchase.
Given the significant challenges we’re facing with the ongoing coronavirus pandemic, INV Fintech and Bank Innovation conducted a brief survey from March 18 to 25, to gauge industry sentiment and understand practices going forward.
Reinventing retail in the wake of COVID-19 may mean reinventing retail formats. It’s also likely that retailers will see more men in-store than women, and they should consider adjusting inventory to target these shoppers.”. Inventory adjustments will only be part of the post-COVID retail order.
Before the COVID-19 pandemic, retailers were already seeing enthusiasm from customers for more convenient ways to interact during the purchasing process. While some retailers have offered limited order pickup options for some time, this was often limited to certain verticals or a small sub-set of products. The Challenges.
retail sales grew in September at their fastest rate in 18 months, Yahoo! The Confederation of British Industry ’s (CBI) latest monthly Distributive Trades Survey pointed to grocery stores as a big contributor to sales growth. The CBI surveys 123 companies, including 56 retailers. Retail employment in the U.K.
When it’s said and done there was only one story that mattered in the retail universe this year and it was the rise of the digital-first economy. The latest research shows 40 percent of surveyed shoppers report doing fewer activities in stores and more activities online — this is up from the 12 percent who reported doing so on March 6.
As consumers increasingly expect to complete bank interactions online, a survey commissioned by Lightico indicates that creating end-to-end digital journeys continues to be a struggle for many banks.
Voice recognition could soon play a bigger role in retail — especially in the world of quick service restaurants. That’s not the only recent major move that involves voice recognition and the biometric authentication method’s potential use in retail and payments. That’s the signal sent recently by McDonald’s. Other Moves.
retail rents falling in many locales by percentages even greater than those seen in or after the 2007-08 Great Recession. These decreases are historic,” the Real Estate Board of New York wrote in a new report showing that average Manhattan retail asking rents fell in all of the island’s 17 retail corridors during autumn.
The experts were expecting a weak retail sales report when the numbers hit the wires earlier today (May 15) – but even in an environment of diminished expectations, the number reported by the Census Bureau was a disappointment. Year on year, retail sales fell 21.5 Consumer spending, which represents roughly two-thirds of the U.S.
Customer experience platform Narvar is partnering with real estate investment trust Simon to facilitate easier retail returns, according to a press release. Despite our deep roots in eCommerce, we've always believed in the persistent power of physical retail," Amit Sharma , founder and CEO of Narvar, said in the release.
Physical brick-and-mortar retail was suffering long before the pandemic. Consider the findings of a PYMNTS consumer survey , where 42 percent of consumers are engaging in even the most routine activities online, and as much as $158 billion in brick-and-mortar sales are moving to digital channels.
Commercial landlords were greeted with some good news in July as rent collections for retail properties increased by double digits compared to May and June, GlobeSt.com reported. A survey by Datex Property Solutions, the California-based real estate portfolio management company, revealed that retail rent collections were 68.8
Call it the retail gap that eCommerce can only partly fill. But eCommerce can only go part way, not the whole distance, in offsetting a devastating hit to retail as we have known it. The report surveyed more than 1,900 U.S.-based percent of consumers surveyed said they were shopping online, and 16.3 As many as 75.4
The results reversed a trend from last quarter, where the chain was one of many physical retailers facing a tepid holiday season that missed analyst expectations for sales, comparable-sales growth and earnings across the board. But things have reversed dramatically for the retailer amid the COVID-19 pandemic. percent to $134.6
Retail sales increased in August to $537.5 Most of the retail categories saw improvements last month. Most of the retail categories saw improvements last month. General merchandise retailers saw sales increase to $60.3 June saw total retail sales rise to $524.3 retail and foodservice firms. . billion, up 0.6
percent more likely to make their purchases online in 2020 than they were in 2019, underscoring the increased reliance on digital commerce now that retail stores are closed until the pandemic recedes. COVID-19 has driven consumers indoors — and online. Consumers are 30.6 percent to 72.1 percent during the last year.
Chuck Huang, founder and CEO of Citcon , explores how the pandemic has prompted retailers to capitalize on the surge in demand for contactless, digital payments. "As Progressive retailers have paved the way for this with email collection at registers, enabling them to connect their customers’ behavior in-store with them online.
percent of respondents in an early March survey said they were using their mobile devices to shop more often. The following Deep Dive explores these changes, how they are pushing retailers toward offering omnichannel experiences and what this means for the future of commerce. The rise of omnichannel . reached 14.4
If you want to know whether stimulus checks are working to rebuild the economy, just ask the world’s largest retailer. Lowe’s CEO Marvin Ellison said the do-it-yourself retailer saw indications that checks boosted sales of home improvement items. Walmart U.S. I think it helped,” Furner told The First Trade, Yahoo!
Buy now, pay later (BNPL) payments platform Afterpay is teaming up with retailer Gap to offer flexible spending options as the holiday shopping season gears up. A PYMNTS survey done in conjunction with PayPal indicated that people were looking for a new way to shop, making BNPL hot for the holidays.
The dreaded returns season has hit retail with a predictable but painful thud. In fact, forward-thinking retailers are looking at the return process as a chance to create a positive customer experience. In fact, forward-thinking retailers are looking at the return process as a chance to create a positive customer experience.
In the inaugural QR Code Payments Tracker® , PYMNTS explores the latest in the world of QR codes, including new implementations at retailers and payment providers, the security concerns facing this payment method, and the pandemic’s effect on the development and rollout of QR code-enabled payment options. Retail Environment.
An idea that may get a splash of cold water is that the development of a digital fiat (at least, in Australia) would lead to a groundswell of payments at the retail point of sale — in other words, through a boost in use cases. What It Won’t Do. There are inherent risks, too.
retail chain New Look made headlines this week for striking a deal to effectively receive a three-year rent holiday on 68 of its stores and massive rent reductions on more than 400 others. Commercial landlords finally got some good news in July as rent collections for retail properties increased by double digits compared to May and June.
In a time of increasing change for retailers and consumers, the current global climate has begun accelerating the future of retail trends at a much quicker pace than previously envisioned. Lastly, Mao said Blackhawk is seeing that consumer interaction with retail apps is consistently rising. Capturing the New Customer.
Nearly nine in 10 people say customer experience is just as important as a banks products and services, according to a recent survey. The post Survey: Bank customer experience as important as products, services appeared first on ABA Banking Journal.
A Survey of Over 150 Enterprise Executives. For that reason, we conducted a survey of 154 executives from enterprise organizations. What follows is six of the major themes we saw in analyzing the survey response data. The world threw a major curveball at us back in March 2020 when COVID-19 erupted on the global stage.
This will not only help retail items be more accessible to more consumers but could help merchants bounce back from what may have been a rocky year in sales due to the pandemic. The Buy Now, Pay Later Tracker® , a PYMNTS and Afterpay collaboration, brings you the latest news and research from the BNPL and retail space.
Retail sales in the United States fell by almost 9 percent in March alone, and PYMNTS research suggests that the average SMB expects to run out of cash two months before the pandemic ends — even with government assistance. It may not be enough, though.
A survey asked banks if they were currently working on CBDCs, additionally asking about their motives. There were 65 banks that responded to the survey, and the respondents represented 72 percent of the global population and 91 percent of global economic output, BIS said.
While PYMNTS has yet to perfect our proprietary crystal-ball technology, we’ve been surveying thousands of U.S. Here are nine key takeaways from our surveys: 9. Consumers are mostly waiting for a COVID-19 vaccine before they get back to normal, according to PYMNTS/PayPal’s recently released survey data. One-third of U.S.
To that end, joint research between PYMNTS and Visa , in a study titled Marketplaces as Retail’s New Front Door , found that 60 percent of surveyed businesses that are not currently using online marketplaces would like to do so. Roughly 27 percent of surveyed firms report waits of between three to five days.
Consumers have stepped up their activity in eCommerce , as they are not staying in hotels, eating in restaurant dining rooms or using public transit, per a PYMNTS COVID-19 consumer survey. 90: Minimum number of non-essential nationwide retailers that have temporarily gone dark. that have temporarily closed their doors.
Amazon and Walmart are among the big retailers trying out a new way of handling refunds, according to a report from The Wall Street Journal (WSJ). PYMNTS reported on the high return rates, citing a survey from Ware2Go , which said 80 percent of respondents were considering a return.
Download this infographic from TNS which explores the results of an independent survey that asked Australians about their opinions and preferences related to purchasing goods and making payments at petrol stations and service stations (servos).
About a third of convenience stores are now giving a discount to consumers who pay for gas with cash, according to the results of a retailersurvey issued this week.
Worst net closures so far this year are on high streets, while retail parks and shopping centres fair better A wave of closures by chemist, pub and bank chains led to almost 2,300 more empty stores on high streets, shopping centres and retail parks in Great Britain in the first half of this year, according to new research.
From restaurants to the farthest reaches of retail, rapid digitization is making the best of the COVID-19 mess while setting up conditions for an elevated set of future payments experiences. percent of consumers have switched from shopping for retail products in stores to shopping for them online … and 16.6 The survey found that 51.9
A TransUnion financial hardship survey in late October found that more than half of Americans (54 percent) said the pandemic had financially impacted them. Of those persons, half said they expect to decrease retail spending in the next three months and nearly six in 10 (59 percent) will do less discretionary spending. In 2019.
Dozens of retailers, from Dick’s Sporting Goods to Walmart , have added contactless shopping services, and it’s caught on. In addition, the survey found eCommerce in the U.S. In addition, the survey found eCommerce in the U.S. Galleria Dallas, the Dallas shopping mall, has been reopened to retail employees only.
While contactless payment methods in the form of mobile wallets and contactless cards are both becoming more common features, our consumer-survey data strongly indicates while that’s better than making consumers dip their cards, it’s not quite the gold standard when it comes to giving consumers hands-off options for payments.
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