Wireless payments are quickly rising in popularity, and since you probably have a mobile phone within reach right now, it's easy to see why. The smartphone has quickly become the go-to device for anything and everything. Now that smartphones integrate so many smart features into the fabric of everyday life, it's only natural to expect them to handle wireless payments as well. Mobile payments are helping to simplify the retail experience by making the buyer journey as seamless and easy as possible.
The good news is that retailers are picking up on this fact, and by all indications, wireless payments are on the way to becoming standard. These are the trends we believe will have the biggest impact on 2018 and beyond:
Consumers will expect wireless payment options
There are few aspects of contemporary life that smartphones have not affected in some way. Over 75% of American adults have a smartphone, and use it for over three hours a day on average. The millennial generation in particular is incredibly smartphone savvy, and now accounts for one quarter of the US population.
These devices are already essential to daily life—but with the rise of mobile payments, they will become even more integral to the customer journey. According to eMarketer, mobile payments in 2017 are up 78.1% over last year, reaching $49.29 billion in total payments. As this trend continues, not only will consumers use their smartphones for discovery and product research, but they will have more ways to use their smartphones to immediately complete their purchases both in store and on the go.
Wireless payments will add value
Even in their earliest iterations, wireless payments improved upon the traditional purchasing process. Consumers were suddenly able to avoid clutter in their wallets and expedite the exchange of funds. Moving forward, however, retailers will use wireless payments to add even more value to the shopping experience and differentiate themselves in the process. For instance, wireless payments make it easy to track customer purchases, award loyalty points, recommend similar products, and handle customers service issues all through a single portal. There is a growing opportunity for retailers to use this information to personalize the payment process with customized marketing that helps grow customer loyalty.
Wireless payments will serve the omnichannel
Retailers and consumers alike are eager to embrace an omnichannel approach to shopping that encompasses online, in person, and hybrid touchpoints. This type of flexibility is what consumers have come to expect. By allowing your customers to reach you through their preferred channels—and making sure these channels provide a consistent, seamless shopping experience—retailers are able to capture a larger portion of sales. Wireless payments are the perfect solution for omnichannel retail approaches, since they can be used in both brick-and-mortar and e-commerce environments.
Security will become a selling point
Barely a week goes by without a new major cybersecurity alert being issued. Consumers are anxious about having sensitive information stolen, and this remains a barrier to wireless payment adoption. The retailers who address this issue head-on by establishing and demonstrating ironclad levels of security—like EMV protection, PCI compliance, and tokenization—will be at a major advantage. Consumers will choose to work with retailers that excel at both convenience and security.
Wireless payment trends are changing rapidly—but thankfully, these changes will improve the retail experience as much as they will disrupt it. Make sure your store is ahead of the curve by employing the latest payment technologies before they become table stakes.
Contact the team at iQmetrix to learn more about wireless payments and next-generation POS solutions.
Photo Credits: Shutterstock / LDprod, Shutterstock / Denys Prykhodov, Shutterstock / Tooykrub