One of the ongoing tasks that merchants are always looking to improve is the customer experience. In order for a business to succeed long term, they must develop and maintain a positive experience to get customers returning to their store. Using multiple payment options is one way a business owner can enhance the customer experience and differentiate themselves amongst their competitors.
Mobile Wallets On the Rise
Many consumers are converting to using mobile wallets for every day purchases, not only for accessibility reasons, but also for the enhanced security features they provide, such as tokenization. With mobile wallets on the rise, merchants need to begin integrating mobile payment solutions to stay up-to-date with the latest payment methods consumers’ prefer. By accepting the latest alternative methods of payments, like mobile wallets, merchants could see more customers returning to their business and gain more sales.
“Mobile payments also have the potential to increase productivity,” said Dave Berry, Chief Information Officer for Daymon Worldwide. “Standing in line, swiping your credit card, signing the receipt—that all takes time and ultimately slows down sales. The speed of mobile payments has the potential to improve foot traffic, throughput and sales. And the net of that is increased revenue generation.”
More Choices Will Mean More Customers
As a merchant, it is important to offer multiple payment options and solutions. Businesses that only have one method of payment are typically viewed as dated and over time will lose business of the digitally driven customers who prefer to have a range of choices to complete a purchase. Extending a range of payment options could lead to more customers over time and lead to additional revenue.
A study conducted by Chadwick Martin Bailey discovered that 27% of mobile wallet users were very likely to shop at businesses that offered mobile payment capabilities, while 18% would increase the frequency of purchases if mobile payment features were available.
Online Shopping Is Increasing
Another shopping option that is growing is online shopping. A study done by Forrester Research Inc. found that US online retail sales are anticipated to grow from $263 billion in 2013 to $414 billion by 2018, a 57% increase in growth overall.
Since online spending is continuing to grow, merchants who do not currently offer an online store should look into incorporating an e-commerce site to help increase sales. Online shopping will help improve the customer experience for customers looking to shop outside traditional store hours and for those wanting to avoid waiting in line.
It’s important for merchants to consider the customer experience and extend a variety of payment options. Merchants need to begin to accept alternative methods of payments, such as mobile wallets, to stay on top with modern technology that will help further differentiate their business from their outdated competitors. Likewise, offering more choices of payments will lead to more customers over time and integrating an online store will help increase sales.