What's Happening?
A recent study by Transaction Network Services (TNS) reveals that nearly half of UK consumers have encountered payment failures at checkout over the past year. This issue, affecting 46% of UK shoppers, is attributed to fragmented network solutions that many
retailers use as they expand their digital operations. These failures often result from connectivity issues rather than problems with the payment applications themselves. TNS highlights the need for fully managed connectivity to ensure that payment systems remain online and secure, thereby reducing failures and protecting revenue. The company is set to introduce TNSLink for Retail, a managed connectivity platform, at the upcoming Retail Technology Show.
Why It's Important?
The prevalence of payment failures poses a significant risk to retailers, potentially leading to lost revenue and diminished consumer trust. As digital commerce becomes more integral to retail operations, ensuring reliable payment systems is crucial. The findings underscore the importance of robust infrastructure to support seamless transactions, especially as retailers adopt omnichannel strategies. The introduction of solutions like TNSLink for Retail could help mitigate these issues by providing secure and scalable networking for various retail technologies. This development is particularly relevant for U.S. retailers looking to enhance their digital payment systems and maintain competitive advantage.
What's Next?
Retailers are likely to evaluate and possibly upgrade their technology infrastructure to address these payment failures. The adoption of managed connectivity solutions could become more widespread as businesses seek to ensure transaction reliability. The Retail Technology Show will serve as a platform for showcasing new technologies that support resilient payment systems. Retailers may also explore emerging technologies, such as AI-initiated payments, to further enhance their checkout processes. The focus will be on building infrastructure capable of handling the demands of modern commerce environments.
