We here at NewStore are all about mobile technology and innovations in retail; but more importantly, we focus on techniques and strategies that ensure greater communication with customers, resulting in better sales numbers.
Globally, there are many types of commerce options available to a broad range of consumer types. In our previous post on the Mobile Roadmap, we mentioned that retailers doing business in the mobile age desperately need a high-level map, since a bird's-eye view provides a clearer, wider vision of the future of retail. Understanding customer preferences for payment types is just one example of what intelligence can be gained from that perspective.
Convenience, Immediacy, and Anonymity
The numbers regarding payment options point to a steady growth in the use of digital technologies across almost all demographics.
Boomers grew accustomed to using debit cards in the 1980s and continue to use them today. Millennials have grown up surrounded by technology, and so have their younger cousins, the Centennials (born 1997-2015), a generation whose leading edge is just now entering the consumer stream.
All of these groups are likely to use digital wallets and payment apps more frequently. But for consumers of all generations, there remains a convenience, an immediacy, and an anonymity to paper money that guarantees it will not go extinct as a medium of payment anytime soon.
Not everyone will choose banks or online financial institutions to handle their money. It is possible to be technologically sophisticated yet still not own a debit card or payment app.
Visibility, Loyalty, and Revenues
The choice of payment type is just one example of the high-level knowledge about individual customers that is critical to retailers' long-term success.
Retailers must remain aware of the ongoing trends in their marketplace by listening carefully to the requests, comments, and actions of each shopper. These might come directly from customers via face-to-face conversations with sales associates, or from online sources, like chatbots, email, and casual social media conversations. This vital consumer information must make its way to your management team, and back out to your sales associates as efficiently as possible.
The retail landscape is always shifting, but people who enjoy consistently positive retail experiences are more likely to become permanent, loyal sources of revenue and new business.
Understanding your customers is the key to achieving this. It requires a commitment of time and resources to combine effective ground level interaction with a higher level perspective.
Download our previously recorded webinar Mobile Roadmap for Retailers: How to Prepare for this Year & Beyond and learn how to:
- Meet customer demands with a mobile-first approach
- Implement new internal processes to support the adoption of mobile technology
- Manage employees to maximize the use of mobile technology
You will walk-away with the tools and knowledge to begin your digital roadmap and monitor for the next three months, six months and 12 months.
Now that you have your Roadmap, be sure to follow the Mobile Mandate conversation on Twitter with us by using #mobilemandate.