With number of mobile payment options available, customers are reluctant to carry cash or even card to the stores, nowadays. Mobile technology viz. chip cards, apps on mobile phones, and digital wallets have led to an increase in the payment options
Fremont, CA: The widespread use of credit and debit cards has already made the concept of carrying cash outmoded. Adding to it, mobile technology viz. chip cards, apps on mobile phones, and digital wallets have led to an increase in the payment options nowadays. A recent survey found out that though retail executives wish for the mobile tech payments, and are also aware of its potential, they are not fully prepared to implement it. The key hurdles they face are lack of budget, executive buy-in, and internal resources.
With a number of mobile payment options available, customers are reluctant to carry cash or even card nowadays. But, the uncertainties about the implementation of these payment methods in the retail outlets may cost a lot to customer satisfaction. Mobile payment technology must be taken as a priority but mustn't be implemented in haste as it is more than just a process and requires considering customer's satisfaction. Look at a few ways that these technologies help improve the customer experience.
Minimizes Check-out Time
Technology and digitization have made life faster. Customer expectation has increased extensively, and they anticipate a quick, painless checkout process online, and believe this should translate in physical stores too. Customers are looking to save time and have a stress-free shopping experience. Omnichannel integration is essential to reduce friction in the stores, especially in the holiday season, when the stores will be overcrowded. Mobile payments can be a handy weapon for traditional retailers to speed up the checkout process and make the point of sale as painless as possible.
Eases and Decentralizes Check-out Process
Mobile payment technology eases the checkout process regardless of how and where they are done - whether through digital wallet, mobile app, or a chip-based card. Moreover, the checkout process is decentralized i.e., it can be completed from anywhere. Even in traditional stores, if the checkout lanes are crowded, employees with a mobile device can help check customers out in the other areas of the store. A key benefit of mobile payments is catering to customers anywhere they are with any method of payment.
Prepares Store of the Future
Constantly developing ways to improve the customer experience is necessary for a brand's success. It's simple: if a retailer fails to meet customer's expectations, they'll shop somewhere else. While it's unfeasible to forecast the future of mobile payments technology, what retailers invest in now should be flexible and easy to integrate as the industry grows.
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