Mobile dominance and dependence are increasing and numerous mobile payment applications are being developed which allow consumers to helpfully pay. Mobile commerce and mobile payment should be possible from any place and whenever which redefined the shopping experience.
Cashless transactions are becoming a recent fad and both of these can be viewed as the major business growth influencers that can not be disregarded.
As shoppers investigate a store, make a choice, stand in line, and cut to the chase of checkout, out of nowhere they are confronted with an additional point of friction: Payment options. They’ve previously needed to settle on numerous choices, and presently one more decision stands among them and the remainder of their day.
This second in the customer journey ought not to be one loaded with clutter and fumbling, instead, it ought to be seamless.
Whether a retailer has an EMV chip reader, an NFC reader, a genuine cash register, or something else, shoppers are confronted with many responses to the inquiry, “How might I pay today?“
That is actually why countless retailers have opted into mobile payments. Instead of shoppers flipping through cards in their wallets or counting out bills, they can simply tap their telephone and have the payment process in only seconds.
While this sounds like the dream in retail; delighting customers with a quick and easy process, options flourish for retailers, making payments more complicated than they should be.
Retailers ought to ask themselves: What mobile payment options do my customers need?
Also, more significantly, which options will they really use?
The Future Of Mobile Payments
Choosing the right mobile payment provider depends on the demographics of your customers, and it could take a trial and error to get those options right.
Yet, the fact of the matter is that mobile payments are staying put, and following in the footsteps of retail winners will prepare for implementing them in the most ideal manner.
Shoppers have been catching on to the ease of mobile payments, as Retail Dive saw as 25.7% of US shoppers pay using their smartphones across channels. This number is just increasing and bringing the reputation of mobile payments up with it.
In fact, the global mobile payment transaction value is supposed to reach $14 trillion by 2023. Obviously, it’s the ideal opportunity for retailers to understand mobile payments to abstain from being technology loafers frustrating customers by not offering forward-thinking payment options.
Learn From The Best
There are a few early adopters of mobile payments that enjoy utilizing their benefits to try things out and get early wins. Starbucks is one of the most notable.
Whenever news came out that Starbucks was the leading mobile payment application, sprinting past Apple Pay, and Google Pay, from there, the sky is the limit, to say it astonished the retail world is a massive understatement.
The staggering statistic that overwhelmed retail was that the Starbucks application empowered deals from 23.4 million consumers, with Apple Pay as its closest competitor at 22 million.
So what precisely has Starbucks done since the launch of its application to pull in and retain that astronomical number of customers? Starbucks is doing countless things right to maintain this massive level of achievement, for example, doubling down on its brand presence.
Whenever an espresso darling opens the Starbucks application, they are effectively ready to arrange at a close-by Starbucks shop so their beverage is waiting for them when they show up.
No lines, no cash, no issue. What’s more, to top everything off, Starbucks had the option to claim the whole brand experience. The customer was never pushed to a third party to look at beverage options or complete payment.
Also, the Starbucks application can process payments from any gadget that is ready to run it: with no additional hardware required. Starbucks has made a hardware-skeptic solution and different retailers need to observe it.
One more selling point of the Starbucks contextual analysis is transaction and margin control gained from running an internal mobile wallet.
Ultimately, and possibly the main point, Starbucks can claim all of its customer information. Since they aren’t going through a third-party provider, they can total and follow up on their customer information.
No more information storehouses or digging is important to understand what their customers like, and how to give them a greater amount of it.
Retailers And Mobile Payments
Emerging advances are taking retail by storm with hardware freethinker options. Retailers never again need to invest in plentiful new advancements to present to shoppers at checkout.
As Starbucks has shown, owning customer information and the full customer journey is a beneficial undertaking.
The eventual fate of mobile payments is the fate of retail, and retailers that infuse their payments infrastructure with the new technology presently will be the winners of tomorrow.
