Retailers that do not embrace the modern era of integrated payments in a timely fashion will often struggle to maximize their revenues and brand stature, as the behaviors of consumers have shifted immensely in a relatively short period of time. There is a case to be made that some of the predictions regarding customer adoption of newer payment processing technologies has been slow, but this does not mean that a large proportion of the population is not already using these tools.
The best way to approach transaction processing today is intelligent adoption of all of the prominent capabilities around today, including mobile, card, cash, online payments and the like. This way, cart abandonment or the failure to close a purchase at the point of sale will be less likely, and customers will thereby have a stronger experience in digital and physical stores. With consumer spending reaching pre-recession levels, it will be up to retailers to make the best of the opportunities involved in today's marketplace.
A look at mobile device use
The National Retail Federation recently released some statistics that were found in a joint study between Shop.org and Forrester Research on the use of the two most prominent mobile devices for transaction-related purposes. Although tablets were once viewed as the future of online shopping and retail, it appears as though smartphones are far more commonly used to shop, and are now the primary fuel for retail activity on the Web and in the stores.
Smartphones took up 17 percent of online sales compared to the 14 percent generated by tablets, while year-over-year increases for the former were 53 percent, and 32 percent for the latter. Analysts from the NRF explained what retailers should be focusing upon as a result of these findings.
"Retailers are now recognizing that their customers may not need a bigger, more expansive shopping experience on mobile platforms –-they need a consistent, relevant and user-friendly experience that will shape their online and in-store shopping behaviors," NRF Senior Vice President and Shop.org Executive Director Vicki Cantrell explained. "Even with relatively small investments in their mobile initiatives, retailers are seeing tremendous growth in both sales that come from smartphones and the level of customer engagement from mobile across the brand."
With an intelligent approach to payment processing technology adoption and Web-based retail management, businesses can further improve their bottom lines.
Get the fundamentals right
The types of technology in use for payment processing and sales conversions are becoming more important with the passing of each year, and while companies need to be quick to the punch, they cannot forget the fundamentals of transactions. In 2016, the goal should be to embrace the technologies of the future in an intelligent fashion, ensuring that security is a high priority and customer experiences are stronger in December than they are today.
With the right solutions in place, retailers can capture more of the expected increases in consumer spending this year.