Implement Mobile Payments to Help Your Business Grow.
There are many electronic payment solutions out there, but mobile payments seem to have had a bigger impact on making life easier for customers and sellers alike. Not only this, it can optimize your point of sale and help grow your business. Mobile money transfer revolution is undoubtedly the next big thing in the online marketplace that has apparently signaled an end of the traditional wallet culture. Soon credit cards and cash would give way to mobile technology.
Here�s how mobile payments can help you grow your business:
The convenience factor reduces purchase hesitancy.
Customers are often hesitant to stand in traditional checkout lines when it�s time to make payments. Mobile technology at the Point of Sale (POS) has brought about a revolution in the payment industry. It has made checkout staff jobs easier and faster. It has made buying easier for customers. Mobile payments further add to the convenience and speed of making payment when a customer is ready. Combined, the speed and convenience is helping you convert more prospects into customers. With the speed and ease of mobile payments, customers don�t get the time to rethink or delay their purchase, while giving them an ultimate checkout experience.
Integrate payment data and get more out of your marketing campaigns.
Integrating payment data and purchase history into marketing campaigns, you can easily design attractive, and cost-effective marketing offers. These offers can be deployed through direct marketing emails, text messages, and social media to target the proverbial carrot customers who are most likely to respond to them, based on their unique purchase behavior. This helps you market relevant products to the right audience, thus optimizing the time and energy invested into your promotional & marketing campaigns.
Cultivate loyalty among your customers.
The latest data from SCORE reveals that almost seven times more money is spent on attracting a new customer compared to what you spend on cultivating your relationship with an existing customer. Your focus should be on building loyalty, and the ease of use tops the list of customer preferences when it comes to being loyal with a business or brand.
With mobile payment technology, you can integrate loyalty programs with mobile payments, allowing customers to use an electronic loyalty app that works just like a loyalty card but installed on customers’ smartphones. Most customers lose of forget their loyalty cards when making a purchase, but they always have their smartphones with them. That makes it easy to earn rewards and make payments through their smartphones. Make it easier for them to make payment and automatically redeem their reward points at the mobile point of sale.
Build a top brand
By offering the facility of mobile payments, you demonstrate to customers that you are updated with the current technology trends in the industry and are a professional business that tries to make life easier and more secure for customers. With an increasing number of American consumers owning a smartphone, they love the convenience that mobile payments offer. Mobile technology allows for swift transactions, quick delivery of electronic payment receipts delivered via email or text, and hassle-free returns, when needed.
As you build your brand, harnessing the power of mobile could contribute to a top-class service experience, helping make your customer feel appreciated. Research suggests that consumers are more willing to choose businesses that deliver top-notch service and offer hassle-free payment options.
Related: Retail Payment Trends in 2016
In this age of cut-throat competition, introducing mobile payments can deliver a competitive advantage, improve customer purchase experience, and bring you more business.
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