- 10 Jul 2015
The importance of “Desire to Acquire” time
Apple Pay, the contactless smart payment method anticipated by many in the retail sector, is being introduced next week, allowing consumers to pay contactlessly for purchases with their iPhone or Apple Watch.
The innovation is reducing the steps between the “desire to acquire”, and the purchase, through “no click” payment. For those who worry about the security issues paying via mobile, an extra feature (tokenisation) allays any security doubts; unlike contactless cards, the card details stored in your Apple device are never passed to the retailer.
Apple Pay is simplifying one of the more painful parts of the shopping journey: payment. It’s a necessary step, but one that retailers need to make simpler and more convenient. This reduces what we call “desire to acquire” time; the longer the customer spends thinking about the purchase, the more likely they are to abandon it. Reducing the waiting time between the initial desire and the purchase is essential, especially given the increasingly short attention span of today’s consumer. When there are fewer clicks between the desire to acquire and buying the item, that’s when the shopping experience will be truly connected.
So, we’ll see more retailers reducing the amount of time between the desire to purchase and the transaction with more simple payment methods, such as contactless mobile payment, or a one-click ecomm purchase option, like Google’s buy button.
A range of contactless wearables along the same theme has recently been produced by Barclaycard: a contactless payment sticker, a key fob, and wristband, are amongst the new innovations.
The general opinion of technology in retail is that it makes processes more efficient. However, it is so much more than that when you consider that some of the biggest retail brands, such as the e-tail giant, Amazon, only exist due to technology. Technology is fast evolving and changing the face of retail at a rapid pace.
The near future will become saturated in shoppable moments, and retailers must be ready to respond. We’re proud to be at the forefront of innovation, investing in the best people, research and development, to keep innovating and bringing fresh ideas to market.
What’s your opinion of the new contactless smart payment method? We’d love to hear your opinion, so post your comments below.