RetailTechNews’ weekly roundup brings you up-to-date research findings from around the world. In this week’s edition: Contactless Adoption High Despite Concerns; Brands Need Clarity Around Consumer Data; Smart Speaker Ownership Doubles in 6 Months.
Contactless Adoption High Despite Concerns
Almost half (46%) of UK shoppers are worried about security of card transactions, according to data released by Paymentsense. Despite this, 80% of Brits say card transactions, including contactless, were their favourite form of payment.
Contactless payments are becoming more popular, with over 24% of Brits saying it’s their favourite form of payment. Contactless transactions are more popular among younger spenders, as 41% Brits aged 18-24 said it was their favourite form of payment, compared to just under 10% of people aged 55+. This suggests that even though many are worried about security, increasing numbers are using this form of payment.
Businesses could lose out on custom if they refuse to adapt to the contactless revolution, as 30% people in the UK would go to another shop if the vendor didn’t accept card payments. This highlights the importance of card transactions if a business is going to be able to survive today’s market.
Bristol leads the way for the percentage of transactions made via contactless payment (59.5%), ahead of London (57%), Brighton (56%), and Hull (56%).
Brands Need Clarity Around Consumer Data
The majority of consumers (66%) would feel more comfortable sharing their personal information if brands proactively told them how it would be used, according to research by Vision Critical.
The study also shows that 58% of respondents indicate that they respond better to more personalised messages from brands. Only 17% of respondents are comfortable with brands using information acquired indirectly through third parties for personalisation efforts, while 80% are comfortable with brands using information shared directly to better personalise messages.
Four-in-ten (42%) respondents would be more comfortable sharing personal information if they had the opportunity to change and/or delete the data being stored about them, while 41% of respondents are willing to share personal information to get more personalised service, offers, and for faster conflict resolution.
Smart Speaker Ownership Doubles in 6 Months
Smart speaker ownership among Britons has doubled since last autumn, new research from YouGov shows.
YouGov’s Smart Speaker report indicates that while just one-in-twenty (5%) Brits owned one of the devices in Q3 2017, the latest research carried out in Q1 2018 shows it has doubled to one-in-ten (10%).
The study shows that while Amazon remains the main player in the industry, its market share is shrinking as new entrants come into the sector. Currently, Amazon smart speakers make up three-quarters (75%) of the market, but this is down from 88%. Close to one-in-ten (9%) smart speaker owners now have a Google Home Mini; 7% have a Google Home (full size); while 2% have an Apple Home Pod.
Over a third (34%) say they interact with other smart devices using their speaker; while nearly a quarter (26%) said they bought their smart speaker specifically because it can integrate with other devices. However, the study finds that there is not an overwhelming demand from the public for smart speakers, with just 5% of the UK population being in the market for one.
The research also shows that older people are more likely to have a smart speaker. A third of owners (33%) are aged 55 and over, while 23% are in the 45-54 age group. Only 10% are aged 18-24.