KPMG Survey Reveals Retailers’ Efforts to Keep Up with Consumer Tech Preferences
- Retailers are modernizing payment systems to meet customer demands
- KPMG survey reveals majority of retailers upgrading digital payments and adding new options
- Cost and staff training challenges in payment modernization
- Younger generations prefer contactless and mobile wallets over traditional methods
- Frictionless payments offer benefits but also privacy risks
As digital payments gain popularity among consumers, retailers are investing in upgrading their payment systems. KPMG found that 60% of retailers are implementing and integrating new payment platforms, while nearly the same number are adding new options. Despite challenges like cost and staff training, executives recognize the benefits for growth and innovation. Gen Z prefers digital methods, but frictionless payments can pose privacy risks.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the challenges retailers face when modernizing their payment systems and adapting to digital payments. It cites a source (KPMG) and includes quotes from experts in the field. However, it could provide more specific data on the number of retailers surveyed and the exact percentage of those working on upgrading or implementing digital payments.
Noise Level: 6
Noise Justification: The article provides relevant information about the challenges retailers face when modernizing their payment systems and adapting to digital payments, but it could benefit from more in-depth analysis of the long-term trends and consequences of these changes. It also briefly touches on privacy concerns without diving into specifics or solutions.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses the adoption of digital payments by retailers and the challenges they face, including costs and data security concerns. It mentions that retailers are investing in modernizing payment systems and offering new options like mobile wallets and apps. This is relevant to financial topics as it involves changes in consumer behavior and preferences for payment methods.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text and it discusses the challenges and benefits of modernizing payment systems for retailers, with a minor impact on businesses due to costs and privacy concerns.
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