Small businesses: Include multiple channels, rewards program with mobile payment solutions
June 13, 2014
As consumers continue to integrate smartphone technology into their everyday lives, businesses are beginning to follow suit to keep pace with fluid customer demands.
With e-commerce growing at a rapid rate, firms across all industries are beginning to incorporate online retail platforms into their success models. A recent Forrester e-commerce forecast predicted that domestic e-retail will grow at a compound annual growth rate of nearly 10 percent until 2018. With more consumers flocking toward electronic payment systems, companies need to provide multiple transaction options for their patrons. When they offer multiple conduits, there's less of a reason for consumers to abandon their purchase, according to The Telegraph. Companies that accept credit card payments, mobile payments and other forms of transactions are setting themselves up for future growth.
In addition to providing multiple purchasing conduits, progressive firms may want to explore the option of a rewards program, depending on their business model. For example, loyalty memberships have been a mainstay in the retail industry for quite some time, and for good reason - they incentivize buyers to give repeat business. Having seen this success, the restaurant industry is beginning to embrace rewards programs as well. Now that portable devices are heavily integrated into everyday culture, restaurants are beginning to employ applications and other types of mobile payment options that give flexibility to both the business and the consumer.
The trend across most industries is that operations are migrating toward the digital realm as businesses need to increase flexibility and keep pace with an increasingly competitive marketplace. According to a recent infographic by industry website Mobile Payments Today, the mobile payment industry is forecasted to account for $1 trillion in global transactions by next year, so companies that don't embrace portable technology will be playing catch up into the near future.