The demands of customers to have paced and efficient is driving new payment technologies on which the retailers should be focusing on.
FREMONT, CA: Last year has seen turbulence for retailers, particularly for brick-and-mortar stores. They fought, battled high rental costs, moved customer behavior to experience-led purchases, and competed with the online stores. Competence and experience are the two significant areas where retailers depend on, to draw consumers, and increase spending.
Technology plays a crucial role in this procedure, particularly while considering the payment trends for the approaching years.
Mobile transactions are fast achieving a tipping point, as the number of customers shopping online with their smartphones is rising. Smartphones have started to substitute many of the physical items like maps and cameras—it is only a matter of time when there will be no real need to carry a separate payment card. Smartphones can also provide a higher likelihood of connecting purchases with loyalty.
As per a survey by Worldpay, 40 percent of the customers realized physical shopping experience very annoying. Eliminating checkouts will be functional as it gives the benefit of freeing staff up to engage with the customers. Leveraging a mobile point of sale (MPOS) acts as a transitional step between the customers standing in the line until a complete checkout-free experience, allowing for cross-selling and upselling opportunities. MPOS will give a hand to reduce the number of missed sales as unavailable items that can be ordered online with the customers, and payment is made upfront. Using MPOS for click-and-collect can, later on, enable them to produce additional purchases when customers go to the store and collect their pre-ordered items.
The AI tools will be able to make customized recommendations that are on the basis of the previous purchase history, answer any order queries using data, and offer a seamless customer experience by handling purchases.
Check out: Top Retail Payment Solution Companies