Neiman Marcus, Visa Talking Mobile Strategy

It’s likely become obvious to retailers by now that the customer experience is a big part of determining what retailers receive a customer’s repeat business. It’s also fairly obvious that mobile is a big, and growing, part of that experience. If done right, mobile can turn an everyday shop into a must-see experience, and recently, Neiman Marcus and Visa got to talking about how to properly use mobile to improve the chances of gaining customers’ repeat business.

The duo noted that the growth of options that customers have in not only payment methods, but also in shopping choices, has forced the retail market to reconsider not only how it shares in these options, but how it can use these options to distinguish itself from the customer’s options of different retailers.

Retailers are actually eager to depart from cash as much as possible; it’s an expensive business, reports note, and in a field where profit margins can be very tight, saving money becomes a priority on as many fronts as possible. Removing cash from the equation means less storage, fewer bank runs, and less potential risk of theft.

At the same time, mobile payments can incorporate a wide range of tools that improve the shopping experience. Store finders, deal finders within stores, and loyalty program management help the shopper, and analytics tools provide help for the stores.

Granted, cash and check aren’t going away any time soon, and as we discovered recently in Sweden, accommodations have to be made there or there’s a risk of losing customers. Cash and check, at last report, accounts for around $17 trillion of spending, and no one wants to run the risk of losing out on a piece of that. In the end, however, people want options, and the stores that best provide the options are the ones that will win. Whether it’s the odd throwback who prefers cash because it’s easier to stick to a budget when all you have is what you came in with, or those who use the latest in mobile payments, every customer that can be accommodated should be. Failing to do so potentially costs a business a customer.

It’s all about options, Neiman Marcus and Visa both revealed, and we’ll likely see more of these options trickle down to the consumer level as time goes on.