Digital wallets: How Canadian merchants stand to benefit
First there’s Black Friday. Then there’s Cyber Monday. After that, we have December: a whole month that’s entirely dedicated to shopping. The holiday season is back, and it’s hitting the Canadian retail industry like a one-horse open sleigh dashing through the snow at full speed.
Although economic challenges like a recession looms on the global horizon, retail businesses and their customers are still eager to play the shopping game this year. Shoppers are ready to purchase products for themselves and gifts for the people they care for the most. But how do Canadians want to shop this year? And what can retailers do to ensure that their customer journeys are meeting their expectations for 2022?
To give better insight to retailers like you, Adyen Canada is happy to announce the release of our first Canadian Holiday Report for 2022. Canadian Holiday Report for 2022. This report highlights current shopping trends, preferences and more information about integrated online and in-person payment options. You’ll also find helpful tips on what's in store for Canadian merchants this holiday season (no pun intended.)
“This holiday season, retailers will need to double down on their payment processes to ensure that they are meeting shoppers where they are – whether it's online, in-person, or both. A seamless retail experience means convenience at every touchpoint, including speedy checkouts and convenient returns.”
As a preview, here are three main takeaways that you’ll find in the Adyen Canada Holiday Report for 2022:
Other major factors that influence shopping behaviour in Canada during this holiday season are customer loyalty and integrated payments – what Adyen calls Unified Commerce. Connecting offline and online payments creates a more seamless and satisfying experience for customers, providing more flexibility with how and where they want to pay.
Besides the Black Friday and Cyber Monday focused data that’s featured in our latest report, there’s another major trend we’ve recognized in Canadian shoppers recently: digital and mobile wallets. These are quickly becoming a key payment method for retailers across Canada and around the world.
It’s true: digital wallets are the new go-to alternative to physical payment cards for the holidays. ATM withdrawals, peer-to-peer payments, and pre-loading funds are all possible with this method. They also retain more than just payment information, too. Digital wallets also store loyalty cards, vouchers, and tickets, making it just as useful as a good old-fashioned tangible wallet would be (but with infinitely more space.)
Recent data shows 29% of Canadians have completed a purchase using a digital or mobile wallet. That means shoppers are using their mobile devices and accounts to make payments online and in person more often – not just because it’s easy, but also because it’s more secure. Customer payment information is never directly shared due to tokenization.
Major digital wallet options that are now widely used by Canadian shoppers include Apple Pay, Google Pay, and WeChat Pay. Because they’re easy to use and widely accepted, digital wallets will be prominently used at most large online and offline retail outlets. Our recommendation is to be prepared to see customers using this method to purchase their items throughout the holiday season this year.
Ready for more details, inspiration, and insights you can use to better anticipate what shoppers are looking for in a retail experience this season? Download the Adyen Canada Holiday Report for 2022 today. Oh, and by the way: Happy Holidays to you and your customers from the Adyen team!
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