How Mobile Payment Options Are Creating a Better Shopping Environment
Mobile payment options, like Apple Pay and Samsung Pay, have had a tough time holding onto love from consumers. But, these payment options are improving regularly and they aren’t going away any time soon. They’re slowly being picked up by more and more customers, which means you should learn more about how they’ll affect your wireless retail stores.
Mobile payments could make customers spend more
Most retailers know that customers are likely to spend less if they use cash, and more if they’re using a credit card. Wireless retailers can capitalize on this tendency because the same logic likely applies to mobile payments.
Ross Steinman, chairman and associate professor in the psychology department at Widener University, echoes this sentiment by stating, “People spend significantly more when they’re using a credit card. If we take that idea and extend it to mobile payments, I would expect that to be at least in [the 12 to 18 percent, when compared to cash] realm, perhaps a little bit more.” Steinman also theorizes that customers will make additional purchases to test the feature out, especially when they first begin using mobile payments. Do you want to test this theory? Stock your shelves with small accessories and other items, then count how many mobile payment users make a purchase.
Your customers will expect to have mobile payments as an option
Shoppers who use mobile payment services love being able to leave their credit cards at home, so they’ll anticipate having the option of using their phone to pay whenever they’re out shopping. As of mid-2015, a study estimated 30% of U.S. shoppers are already using mobile payments.
If you aren’t convinced yet, 64% of consumers who were surveyed said they’d prefer to shop at retailers who allow mobile payments. Plus, 61% of respondents said they would spend more at a retailer if they could use a mobile wallet to make their purchase.
Mobile payments can reduce wait times and improve the shopping experience
Mobile payments can substantially reduce waiting times for customers in line, which could be a big bonus for your store’s revenues. Mobile payments can also create a better shopping experience for your customers. If you want to really makes things easier for shoppers, consider investing in portable POS terminals so that employees can ring a customer up anywhere in the store. Nordstrom saw a 15% rise in quarterly retail sales after deploying 6,000 mobile POS devices across its stores.
It’s worth noting that mobile payments can’t give your customers an improved shopping experience if employees aren’t familiar with the technology. Some customers may want to test out services like Apple Pay and Samsung Pay, but they don’t know how. Remember to train all of your staff on the protocols behind mobile payments so that they can answer customer questions and guide them through the process. And don’t forget that they’ll also need to know how to process returns!