What are the major challenges facing retailers this year?
January 08, 2014
Embracing advanced credit card processing technology is an essential step for retail managers who want to get ahead of the competition. Most business owners are well aware of the challenges facing their industries. In the retail sector specifically, the rapid pace of technological development has not only brought brands and customers closer together, but it has also leveled the playing field in terms of attracting shoppers and generating sales.
Small and midsize organizations that place a high priority on innovation in the coming year will be much more likely to meet the following challenges head on:
Standing out in an increasingly competitive crowd
According to Nielsen, today's consumers are faced with more choices than ever before. The abundance of e-retailers has made it possible for shoppers to forgo making the trip down the street to a local shop in favor of making an online purchase and having an item delivered.
"In the U.S., trip frequency has fallen 15 percent over the last six years, while basket size has climbed only 9 percent," the research company stated on its website, referring to the number of goods purchased by individuals per transaction.
By investing in multichannel retail infrastructure, businesses will have a better chance at grabbing the attention of even the pickiest consumers.
Adapting to the growth of mobile technology
In the next few years, smartphones and tablets are expected to further penetrate the retail industry. In fact, a new report from Juniper Research found these tools will be responsible for processing 30 percent of all e-commerce payments by 2018. Such devices were already used for 15 percent of that category in 2013.
Retailers must be prepared to integrate mobile credit card processing into their daily operations if they want to truly remain competitive in the current market conditions.