Wednesday, January 11, 2023
The U.S. In-store business payments outlook, published Jan. 11, 2023, found 70 percent of small and midsize retailers are prioritizing paytech integrations and taking a generally bullish outlook on the near-term future, despite current economic and geopolitical conditions, stated Afshin Yazdian, president of merchant solutions at Paysafe.
"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," he said, adding the report is the latest in the company's Lost in Transaction research series and includes research data from an October 2022 survey of 200 small and midsize brick-and-mortar merchants in the United States.
Yazdian further noted that numerous brick-and-mortar merchants expanded into digital channels during the pandemic, which helped them grow and scale. In fact, he noted, Paysafe researchers found 73 percent of brick-and-mortar respondents have an online presence, and 62 percent agree that connecting with customers online, whether through social media, e-promotions, or virtual checkouts, is critical to their continuing growth.
Researchers cited the following additional trends in the report:
"In-store businesses are focused on providing the best experience they can for customers, and the checkout is central to this," researchers wrote, adding that "70% of SMBs say it's a priority for them to integrate new payments technology in-store to enhance customers' experiences. And 69% agree that they'd like to reduce the time their customers spend at checkout."
A downloadable copy of the report is available at: paysafe.com/en/paysafe-insights/lost-in-transaction-the-us-in-store-business-payments-outlook-for-2023/
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