Mobile Payments Deliver Major Impact to In-Store Customer Experience
For those businesses that aren’t already taking mobile payments, it’s easy enough to see why they’re not. A host of reasons have emerged, from the added expense to security issues to customer disinterest. However, there’s an equally-large host of reasons why adding mobile payments to the roster is a good idea, as evidenced by a recent look at the field from Payments Journal.
Easily one of the biggest reasons noted is that mobile payments might actually bring customers back to physical shopping. While shopping online is easy, and sometimes even fun, there are still reasons to shop physical stores.
The biggest of these without question is immediacy, or the ability to walk out of the store with the item in question and take it home. There’s no two-day shipping at brick-and-mortar stores; it’s cash-and-carry. With mobile payments involved, the physical experience becomes that much easier to deal with, and that, coupled with physical retail’s immediacy, could be a shot in the arm.
Almost as big a reason is the serious curtailing of lines. While Payments Journal suggests that mobile payments could eliminate lines, that’s not likely to happen. We’ve already seen political fallout take place from cashless storefronts—just look at what happened to Amazon stores in New York—so cash will be needed for some time.
There’s no doubt, however, that being able to use your smartphone as a checkout stand will cut down on lines, all else being equal. We also saw what happened to Sainsbury’s cashless storefront, where the checkout line was 15 people deep to not use a mobile payments system.
There are plenty of other benefits here as well, including better data gathering for use in analytics projects to improve store operations. Yet we have to remember that mobile payments can only do so much. Accommodating cash shoppers will ensure the widest possible market is reached. However, bringing in mobile payments comes with a wide range of benefits as well, whether it’s cutting line length or making a rewards program super easy to work with.
Mobile payments are a crucial addition to any business’ lineup, but they can only go so far. By including multiple payment methods, businesses not only ensure the widest possible market, but the happiest one as well.