SMBs think the future of retail will be online, Paysafe's research says

Monday 6 December 2021 13:18 CET | News

New research commissioned by UK-based Paysafe has revealed that merchants have diversified online during the pandemic and contactless payments are becoming more prevalent in the USA.

The latest edition of Paysafe’s annual ‘Lost in Transaction’ SMB research, which surveyed American in-store retailers as well as restaurants and other service providers in October 2021, reveals that more than half (53%) of SMBs think that the future of retail will be mostly online.

In-store SMBs’ online diversification precedes the pandemic’s emergence. Close to half of SMBs with an ecommerce checkout (46%) moved online before COVID-19, while 35% launched as omnichannel businesses from day one, with an online checkout to complement their physical store. Of the less than a third of SMBs (29%) without an online presence, 43% expect to launch an ecommerce checkout within the next 12 months or more, though 50% have no such plans, according to data put forth in the study.

In-store, contactless adoption continues to trend higher, with three quarters of SMBs (73%) now accepting either contactless credit or debit card payments or mobile wallets at their checkout. The 27% of merchants without NFC-enabled payment terminals is expected to continue to decline, with 76% of these SMBs planning to upgrade in the future, Paysafe’s research shows.

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Keywords: Paysafe, research, contactless payments, checkout optimisation , ecommerce, retail, digital wallet, NFC
Categories: Payments & Commerce | Mobile Payments
Countries: United States
This article is part of category

Payments & Commerce