If you are looking to grow your business, embracing mobile card payments can really help. They not only make it really easy for your customers to pay you but can also optimise your point-of-sale processes, as well as:
1. Significantly cut down consumer hesitancy when deciding to purchase
The added convenience of allowing customers to pay by mobile will help convert potential customers into actual customers. So often people can lose their will to buy in a traditional checkout line but the ease and swiftness by which mobile payments allow customers to pay, helps reduce this hesitancy.
Indeed The New York Times cites research that shows consumer hesitancy really does occur when queuing to purchase their goods and that their perception of how long they are going to have to wait until they reach the point-of-sale will affect their buying decision. It doesn’t matter whether their perception of waiting time is true to reality or not.
Mobile payments are faster and consumers know they’re faster; this affects their perception of waiting time. They can buy anytime they like, whenever they are ready and this is a definite advantage for retailers.
2. Enabling more efficient and targeted marketing to consumers
Imagine having the ability to truly know what your customers want. Well, many mobile payment providers can provide you with detailed customer purchase patterns, which means you will be able to amend and target your marketing campaigns more effectively. More targeted campaigns will ensure your return on investment grows, both in terms of the money and time you have invested.
3. Ensuring your business makes the most of its loyalty programmes
According to data put together by SCORE, when they’re trying to attract new customers, small businesses can end up spending up to seven times more, then when cultivating relationships they already have with current customers. The survey conducted by SCORE also assessed how important building up loyalty was to small businesses; to which 82% respondents said it was critical.
The fight for customer loyalty is vigorous but extremely important, which is why many companies are now relying on mobile payments to help tip the odds in their favour. With ease of use being one of the most important aspects of a loyalty scheme, having access to it via their mobile phone will be a definite positive for a customer. Customers will be able to gain points on their digital loyalty card and then use them automatically at point of sale, when needed.
4. Helping you build up your brand without needing a huge budget
Integrating mobile payments will put across the impression that you know what your customers want and need and this will portray your company in a good light. This is incredibly important, as SCORE’s research recorded that when a customer feels considered during their interaction with a company, it contributes to about 70% of what they regard as a positive buying experience.
Incorporating more digital procedures into your business shouldn’t mean spending a great deal more. For instance mobile payments can mean speedier transactions (meaning you get through more transactions), digital receipts and so on. All of which makes the process better for your customers, which in turn makes them feel more appreciated and hopefully more likely to become a return customer.
Mobile payments are becoming more common with merchants and as such customers will start to expect the same shopping experiences across the board. If you don’t incorporate mobile payments, chances are your competitors will. As well as allowing you to stay competitive, mobile payments can also have a positive influence on the perception of your brand and business, so are definitely worth taking the time to consider integrating.