If you’re considering whether or not to add a mobile payment option to your business, you’re probably interested in knowing where the industry is headed.
With that in mind, let’s take a few minutes to look at a few trends that are shaping the way businesses accept payments, and what that means for your future.
Multi- and Omni-Channel Selling
The shopping pattern of the average customer has changed drastically over the last few years.
More than ever, your customers are blending their digital and physical lives when they’re deciding how they want to spend their money. 50% of customers who made an online purchase via mobile visited that brand’s physical store in the same timeframe.
So if you want more foot traffic, you need to have mobile-friendly options to help push brand awareness.
And you should only expect mobile payment options to leap forward in the coming years. The brands that adapt first will be the biggest winners.
Data-driven Sales and Marketing Decisions
Your customers do plenty of research on you before they ever walk in your door. Why shouldn’t you do the same, but in an effort to help push them toward you?
Think of it in terms of added value.
If you use data-driven tactics to help get more customers, then you could potentially lift your revenue by finding new upsell opportunities, building customer retention, and finding ways to lower the cost to win a new customer.
But this approach only works with data, and it’s nearly impossible to gather customer data by relying on an outdated point of sale.
On the other hand, mobile payment systems allow you to capture relevant customer data. You can then turn around and use that data to help your business develop a growth plan.
When you’re accepting payments via a mobile device, your customers want to know that they’re secure. The biggest concern about mobile payments is security by a wide margin:
But that’s not necessarily a bad thing. In fact, it’s spurred many digital payment providers to increase their security spending and find new ways to keep user data safe.
That trend is likely to continue, as there will always be a need for improved security to keep customers and businesses safe.
Faster Payment Windows
Real-time digital transactions aren’t here yet, but more and more customers (and businesses) are eyeing the possibility that this could happen.
They offer a lot of convenience to everyone, and could help improve your ability to sell versus your competition. Faster payments alone are expected to bring in $255 billion more for companies by the end of 2018.
Faster payments do pose more risks though, so expect this trend to be a slower one that takes a few years to achieve. Still, with mobile payments leading the way, it’s certainly possible that this trend will be here before we know it.
Mobile payment systems are headed in an undeniably positive direction. As more businesses start to offer them, they’ll see much more success with winning new customers.
If you’re interested in adding a mobile payment system to your business, get in touch with us. We’d love to help you improve your business and bring in more satisfied customers.