Why it’s time to support mobile payments
Mobile payments can help a retail store by allowing them to take payments quickly and securely over the internet. The following article from Retail Customer Experience explains how mobile payment systems, if properly implemented, can also improve the in-store experience and set your business apart
The question of “cash or credit” is no longer that simple – mobile technology has led to an increase in payment options, including chip cards, apps on mobile phones and digital wallets. A recent survey from WBR Insights found that while retail executives have long wish lists for mobile tech and are aware of its potential for improving the customer experience, they’re ill-prepared. Major hurdles include lack of budget, internal resources and executive buy-in.
These uncertainties around the future of implementation and slow adoption rates pose significant risks to customer satisfaction. In order to close the gap between retailer’s ideal store and their current reality, they must make mobile payments technology a priority. But choosing a solution shouldn’t be done with haste. The best mobile payment technology will do more than just process payments, as more is required to drive loyalty. Here are the key ways that mobile payments technology can help improve the customer experience.
Complete the checkout process anywhere
Mobile payments can cater to shoppers regardless of how and where they checkout – whether through a mobile app, digital wallet or with a card. What’s more, the checkout process now needs to be able to be completed anywhere. For example, retailers that open short-term pop-up shops only require tablets to facilitate the checkout process. Or, in store, if traditional checkout lanes get too long or to avoid the risk, employees with mobile devices can help check consumers out in other areas of the store. A major benefit of mobile payments is catering to shoppers anywhere they are with any method of payment.
Cut down on checkout time
Consumer expectations have increased significantly now that they’re accustomed to the quick, painless checkout process online, and they also believe this should translate in physical stores. As consumers are always looking to save time and a stress-free shopping experience, omnichannel integration is essential to reduce friction in the store. Imagine the upcoming holiday season – stores will be crowded with last-minute shoppers frantically searching for gifts, in addition to shoppers with BOPIS and ROPIS orders – and not one of them wants to wait in a line. Mobile payments can be a useful weapon for brick-and-mortar retailers to speed up the checkout process and make the point of sale as painless as possible.
Drive loyalty with rewards
Improving the customer experience can also increase satisfaction and loyalty. Beyond the convenience of mobile payments, retailers can use the technology to provide consumers an added value and incentive with rewards and loyalty programs. This is mutually beneficial on both sides, as retailers can better understand shopper habits through mobile devices. And by better understanding consumer purchase behaviors, retailers can then provide personalized messages and offers directly to a shopper’s phone. Creating relationships with customers in a way that’s unique to their own individual needs and preferences will lead to return visits and help create a legion of loyal brand ambassadors.
Ensuring loyalty also requires protecting your customer’s personal data and shield them from fraud. Mobile payments offer the additional benefit of eliminating the risk of having a customer’s credit card skimmed when swiping at the point of sale. Without hardware to manipulate, the scammers are out of luck and you continue to keep your customer’s trust.
Preparing for the store of the future, today
Continuously developing methods to improve the customer experience is essential for a brand’s success. It’s simple: if a retailer doesn’t meet a consumer’s expectations, they’ll shop elsewhere. While it’s impossible to predict the future of mobile payments technology, what retailers invest in now should be adaptable and easy to integrate as the industry evolves.
If eliminating friction from the customer experience is your number one priority, exploring mobile payments technology can help you achieve it. Processing transactions doesn’t have to be slow or inconvenient. In fact, when done right, it improves the in-store experience and sets your business apart.
This article was written by Michael Jaszczyk from Retail Customer Experience. News Features and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.
