The way that we pay for things is changing. With the rise of new technologies, there are now more options than ever before when it comes to payment methods. If you want your retail business to remain competitive and give good service, you need to adapt your payment methods and make things as easy as possible for the customer. Staying on top of all of the latest developments and knowing what the future trends are likely to be will help you do that.
In this blog post, we will discuss some of the latest retail payment trends and what you need to know about them. Keep reading to learn more!
Mobile and Contactless Payments Continue To Grow
One of the biggest trends in retail payments is the growth of mobile and contactless payments. Consumers are increasingly using their smartphones to make purchases, both in-store and online. This trend is being driven by the rise of digital wallets such as Apple Pay and Google Pay. This is something we have already seen in the last 5 years or so, but it is becoming increasingly common. All new smartphones have this capability and most models have facial recognition and fingerprint scanners, which increase security and trust in the payment method. If you are looking for a way to improve your retail store, updating your payment system so you can accept mobile contactless payments is one of the key steps you need to take.
Take Payments On The Shop Floor For Improved Customer Experience
In the past, retail stores would have a dedicated till area where customers would queue up to make their purchase. This is no longer the case in many stores, as mobile point of sale (POS) devices are becoming more popular. These allow sales assistants to take payments on the shop floor, which improves customer experience as they don’t have to wait in a long queue. You can use mobile SDK integrations to allow your payment systems to work anywhere in the store. Not only does this make things more flexible, but it also encourages customers to make more purchases. Your employees can give advice and answer questions and if the customer is interested, they can make the sale immediately, without the customer having to go to the till area.
Flexible Credit Options Become More Widespread
In the last few years, there has been a big influx of credit companies offering credit on retail items. Companies like Klarna and Afterpay are becoming more popular, as they offer customers the ability to pay for their purchases over time. This is a great option for customers who want to buy something but may not have the full amount of money available at the moment. It also means that they are more likely to make a purchase from your store, as they know they can afford it. As a retailer, you need to be aware of these credit companies and offer them as a payment option to your customers.
In order to stay ahead of the curve, it is important to keep up with all of the latest trends in the retail industry. This includes new developments in retail payment methods. By offering a range of different payment options, you can make things easier and more convenient for your customers. This, in turn, will encourage them to shop with you again in the future.
