Everywhere you look, something new and exciting is changing the way people shop, dine and go out. And payments is a huge part of that, from pay at the table to mobile wallets and beyond.

These payment revolutions have already made life better for many restaurants and retailers.  Only a few years ago, it was unimaginable for anyone but the largest retailers to have access to a full toolbox of omnichannel solutions; now it’s available to any chain or independent retailer that wants it. Time and again, it’s clear that these solutions simplify checkout, improve insights, and boost the bottom line.

So why aren’t more small to midsized merchants embracing these options?

The Stats Prove It: Consumers Want Better Payment Tech
To find out how both merchants and consumers feel about this new technology, we conducted a survey on the subject. We asked 500 retailers and more than 1,000 consumers how they felt about 6 different aspects of omnichannel capabilities.

There was one clear pattern that showed throughout: consumers love the new technology, and they want more of it. But merchants simply are not adopting these options at the rate consumers want.

The stats showed that cross-channel shopping, for instance, is essential to today’s customers—but merchants aren’t adopting it quickly enough:

  • 70% of shoppers want a retailer to have both in-store and online shopping available, but only 44% offer both.
  • 57% of shoppers said it’s either important or very important that stores have a “buy online/return in store” option. Only 20% offer the option.
  • 39% want to be able to buy a product online and then pick it up at the store. Only 27% give customers that option.

Why It Matters
These capabilities aren’t simply a matter of convenience for customers—it’s clear that they’ll help grow sales, especially for smaller merchants. Almost 40% of shoppers would be much more likely to shop smaller retailers if they offered these services.

Yet smaller merchants are often the last to adopt new technology. These statistics show that’s the wrong strategy—the faster they leverage these tools, the more customers they’ll both find and retain.

Businesses are missing a huge opportunity, especially if their customers fall in certain demographics. Women, for instance, placed a huge premium on “buy online/pick up in store” and “buy online/return in store.” If a store is working with a predominantly female customer base, it’s crucial to have these tools.

It’s Only Going to Get Bigger
At this point, these technologies remain something of a differentiator. Yet soon they’ll be considered “table stakes”—a necessity for any store that doesn’t want to lose their customers to competitors. Cayan CEO Henry Helgeson believes that small and midsized retailers especially need to embrace these tools now that they’re available to them.

“We are seeing an incredible amount of innovation. At one point not long ago, omnichannel seemed like a vague concept. But it’s moved from a working theory to mainstream now that consumers are demanding both convenience and speed when it comes to the shopping experience,” said Cayan CEO Henry Helgeson. “Small and midsized retailers are truly at an inflection point. Our research shows retailers are not on the same page as their customers, and leading into the holidays that’s a serious problem.”

The statistics show that consumers have embraced the latest in payment solutions, and they’re ready to seek out the stores that offer them. Now is the time for more businesses to adopt these new options, before it’s too late.

Find out more about the state of payments in our infographic:

​​Survey: Merchants don't have the tech shoppers want