Could Digital Revive The High Street?
LONDON, July 8, 2021 /PRNewswire/ -- Analysis from one of Europe's largest grocery retail chains showed shoppers using the MishiPay scan & go platform came back to buy 33% more often whereas non-MishiPay users came back 4% less YoY. MishiPay is the first scan & go provider
Listen to Mustafa Khanwala, Founder & CEO, explain on MishiPay's YouTube Channel.
The study compared the behaviour of loyalty members. Three cohorts were tracked: MishiPay users and non-users at MishiPay-enabled stores, plus a control group of non-MishiPay customers shopping in 'mirror' stores.
To accurately measure the impact of MishiPay on overall sales, the store visits and total spend of the three cohorts were compared between Q4 2019 and Q4 2020, using loyalty card numbers of shoppers. This gave a robust testing scenario, enabling the retailer to assess the value MishiPay generates.
Comparing per user spending, non-MishiPay shoppers spent 11% more per quarter YoY, a rise seen by most grocery retailers during the Covid-19 pandemic. During that same quarter, MishiPay shoppers spent 27% more. The differentiator was the use of MishiPay generating a 14% spend net increase YoY, attributable to MishiPay.
Further analysis showed significant operational efficiencies in MishiPay enabled stores, including 4.4 hours of checkout time saved per store, per week.
Mr. Khanwala explains: "We're thrilled to see such clear evidence retailers that have adopted the MishiPay scan & go payment solution are enjoying double-digit growth in footfall and sales. Retailers are seeing a 33% increase in repeat purchases from the same shoppers and a 14% increase in total spend per quarter."
MishiPay can be used from any browser enabling shoppers to scan items on phones to track their total spending in real-time. This keeps customers fully informed about their spending while shopping, instead of completing their shopping and proceeding to a checkout.
Khanwala describes a growing number of retailers have deployed MishiPay during the pandemic, reflecting a wider behavioural shift away from cash. "Despite the challenges of Covid-19, we rolled out our technology with prestigious retailers across the UK and Europe including Flying Tiger Copenhagen, MUJI, Decathlon Deutschland, SPAR and Londis. By the beginning of 2021 MishiPay was live in hundreds of stores across 13 countries, quickly becoming 14 when we launched our technology with Paradies Lagardère in the US."
