Customers are becoming more demanding, and the retailers who keep up with the latest payments solutions, payments platform and point of sale (POS) systems will be the ones who are the most successful.
Think back just 10 years and no-one was using a smartphone to pay for goods and services. There were no wearable devices like Apple watches or mobile wallets that you could use for payment processing, and when you went to a concert or a coffee shop, you could not order and pay for refreshments in advance and avoid the crowds.
Jump forward a decade, and this is now the norm. Consumer-centric payment technology has advanced to a point where you can even use your face to authorize a payment. As technology continues to progress, the number of ways people want to pay increases, and retailers must keep up to compete.
Seamless customer payment experiences are the key
The importance of a seamless customer payment experience cannot be underestimated, and enticing your existing customers back is the key to sales success and customer retention. Assessing data which helps you understand customer behaviour can be strenuous but there are systems which allow you to undertake a deep, granular analysis of the way different customers interact with retailers; what they buy, how often and, importantly, how they pay for their purchases.
Using this data, you can create a unique loyalty offering, giving your best customers access to discounts, or exclusive events that will give them a great customer experience. Loyalty schemes come in all shapes and sizes, and using the latest technology provides not just a safe, secure and simple payment environment, but one that makes the customer/retailer interaction as beneficial as possible for both parties.
Future payment services could become even more integrated with the advent of open banking across Europe. The possibilities going forward could include the complete removal of transaction fees, direct settlement and even low-cost credit for customers at the checkout.
As a retailer, you want a system that is future-proof, so choose a payment provider that applies new technology to meet the latest data protection regulations, payment systems and the widest possible range of loyalty options.