The Consumer Cul-de-Sac
The importance of cash in an omnichannel retail environment
Allowing consumers to pay when they want, where they want, and how they want, is an ongoing challenge for retailers across the globe. As consumer habits change in a post COVID19 era it’s easy to forget that cash still accounts for a significant percentage of all consumer transactions across Europe and beyond. Coins have been used as a basic currency for around 2400 years, and notes for over 1000, but today with connected technology solutions, retailers can incorporate smart cash acceptance alongside card, bank transfer, digital wallet, crypto and alternative payment methods as part of a connected holistic consumer journey. This presentation addresses the need for retail store transformations to adapt to changing consumer habits when implementing new omnichannel payment technology. Cash is anything but dead, and by refusing to accept it as an essential method of payment retailers run the very real risk of marginalising consumers, never to return again as the loyal happy customers that they could so easily have become.
Cash is very much alive!