Consumer behavior and the adoption of modern payment methods have caused merchants nationwide to rethink their point-of-sale processes. The demand for diverse, digital payments has skyrocketed over the past two years and is expected to continue in 2022 and beyond.
Schools should take note of consumer trends in the private sector when managing events, as fans are moving away from traditional payments in other aspects of their lives. By embracing innovation and offering alternative payment options, schools can provide a better buying experience for fans while improving safety and security.
Here are 5 payment trends that schools should watch in 2022:
Consumers have largely shifted buying from traditional brick-and-mortar stores to making purchases online. From Q3 2019 to Q3 2021, U.S. e-commerce sales increased by 45.6%. Consumers nationwide have experienced the convenience of online payments and expect this efficiency in transactions beyond retail as well. According to the 6th edition of the Visa Back to Business Global Study, 63% of consumers surveyed stated that the top influencing factor aside from price in making a purchase decision is convenience.
By making it easy to buy tickets online, schools can appeal to their fans’ needs and expectations for convenience. Digital transactions prevent fans from having to go to the ATM, carry cash, and buy tickets in person. Digital ticketing is also highly convenient for schools, as it dramatically reduces the administrative workload of selling tickets, managing events, and reconciling accounts.
Along with convenience, today’s consumers expect a frictionless, end-to-end buying experience. A major contributor to the rise of e-commerce and a key trend to watch in 2022, frictionless payments simplify the purchasing process for customers by:
Frictionless payments can help schools enhance the fan experience, eliminate long lines at event entry points, and realize more revenue from events. The digital ticketing process should be seamless and intuitive for fans, with user-friendly technology designed to make the buying process fast and easy.
For instance, allowing fans to check out as a guest rather than having to create an account at the point of sale can expedite the purchase and improve the user experience. Other fans may prefer to create an account and save their payment information to simplify future ticket purchases. Schools that offer both payment options for their fans can accommodate different user preferences while speeding up the checkout process.
Alternative payments are becoming more mainstream, with mobile point-of-sale (MPOS) technology continuing to be in high demand in 2022. Smartphones, tablets, and other wireless devices can easily perform the functions of a cash register, point-of-sale terminal, or box office. MPOS technology has major implications for ticketing and events, providing more flexibility for both buying and selling tickets.
Schools hosting events can leverage mobile payments to reduce their staffing needs and expenses, as fewer resources will be required to manage pre-sales, walk-up sales, and ticket redemption. Fans can benefit from mobile payment technology for events with the ability to buy and redeem tickets easily on their phones, transfer tickets quickly to friends and family, and ensure their tickets are valid. Schools and fans alike can appreciate the benefits of cashless payments, including improved security and efficiency when managing and attending events.
The use of contactless payments has accelerated over the past two years due to the COVID-19 pandemic and will continue to be a safer method for people to make purchases in 2022. 54% of consumers surveyed in the 6th edition of the Visa Back to Business Global Study cited personal safety as a top factor influencing their buying decisions.
QR codes and mobile payments allow for touchless transactions, eliminating unnecessary contact between people. Contactless payments also improve security since credit cards do not physically touch the payment devices, protecting the sensitive information in the magnetic strip from being compromised.
With contactless payment options, schools can provide more peace of mind while creating a safer environment for their students, fans, and staff. The physical exchange of cash and paper tickets poses potential risks that can easily be avoided with contactless payments and digital ticketing.
Digital wallets enable consumers to complete purchases quickly and easily without having to enter their payment information manually. Instead, their payment details and credentials are stored securely and can be used to make purchases across a variety of platforms with mobile devices.
Two of the most prominent digital wallets are Apple Pay, with 43.9 million users, and Google Pay, with 25 million users. The usage of digital wallets is expected to continue to soar in 2022 as merchants adopt more alternative payment methods to appeal to evolving consumer demands.
The ability for fans to use Apple Pay or Google Pay when buying tickets is a game-changer, as these services make the purchasing experience even easier. Both iPhone and Android users have convenient, secure payment options at their fingertips and don’t have to enter their credit card information manually each time they want to make a purchase. Schools that partner with a digital ticketing provider that supports Apple Pay and Google Pay can offer the fastest, most secure, and truly high-tech experience for their fans.
Schools that adopt digital ticketing have a unique opportunity to elevate the event experience for fans and staff, improve safety and security, and embrace innovation. While they may take many forms and often require a willingness to try something new, digital payments are here to stay.
To learn more about how digital payments and ticketing can help your school, contact us or check out our blog on the Top 10 Benefits of Digital Ticketing for High School Sports.
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