The familiar technology is experiencing growing adoption as consumers look for fast, convenient, touchless experiences.
If you polled consumers about whether they had used a QR code in a retail business two years ago, their response would probably be strikingly different than the one you’d get today. Research published in April shows that 83 percent of global consumers said they used a QR code to make a payment, a big jump from 35 percent in September 2020. On top of that, Juniper Research expects 29 percent of all mobile phone users, or 2.2 billion people, will use QR codes for payments by 2025. The pandemic deserves the credit for making QR codes, which long skirted around the edges of retail, relevant. COVID-19-conscious consumers quickly embraced the touch-free option to pay, use coupons and engage with businesses in other ways.
Why QR Codes in Retail Are More Common
With customers increasingly interested in contactless technology, small business owners need a cost-effective way to meet this demand. Most already have a fully functional payment terminal that would take time, effort and money to replace. On the other hand, QR codes make use of devices in virtually every consumer’s possession: smartphones. And one of the advantages of QR codes is that they don’t require consumers to download an app; the codes can take customers to the merchant’s existing website, to claim an offer, join a loyalty program, or make a payment –no special sign-in required. To interact with a QR code, customers simply use their smartphone’s camera to scan the code linked to a specific webpage.
It’s common for merchants to question how QR codes in retail affect payment security. Because the code takes a shopper to a checkout page on the merchant’s website or a hosted payments page, it doesn’t introduce any new payments vulnerabilities. Additionally, customers who pay using a QR code also avoid tapping out their PIN in front of strangers’ prying eyes, eliminating yet another security concern.
Applications for QR Codes in Retail
Merchants have a variety of ways to start making QR codes a customer-friendly part of their businesses across retail, hospitality and other niche verticals. Cafes, eateries and restaurants can make their menus accessible through a QR code. In addition, people will use QR codes to redeem 5.3 billion mobile coupons by 2022, Juniper Research estimates. Loyalty is a good fit for the format, too, allowing customers to scan a code and unlock special perks and rewards. QR codes in retail offer a secure solution for customers picking up online purchases in a brick-and-mortar location. At a dedicated store kiosk, shoppers can scan the unique QR code generated at checkout to display their order details and retrieve their items. The payment partner can also save stored card details when the customer comes back to shop.
Why Small and Medium-Sized Enterprises (SMEs) Want to Leverage QR Codes in Retail
Your merchants always want to offer the best experiences, and QR codes help them deliver. QR codes in retail not only give consumers a quick and streamlined touchless way to pay, but they also offer customizable flexibility. The checkout page they link to, for example, can be adapted so customers can choose their payment type or pledge donations to a nonprofit in different amounts.
Enabling your clients to offer QR codes for use in their retail businesses means you’re not just keeping up with the trends. You are also helping your clients take advantage of consumer-friendly tech that people are already using in many areas of their lives. Ensure your clients have the option to use QR codes to create the experiences consumers want: top-notch, quick, easy, touch-free retail interactions.
