Using the new world of payments to boost loyalty and sales
The payments landscape is undergoing a period of rapid, technology-driven change. This is largely driven by an increasingly mobile-led society where, according to Ofcom, two thirds of adults regularly use smartphones to access online.
In short, mobile, online and social technologies are revolutionising consumer access to information and sparking demand for new services that can support multichannel commerce, big data analytics, enhanced loyalty programs and targeted advertising.
Within retail specifically, consumers now use the digital tools to move dynamically between computer, mobile device and in-store experiences while shopping – evidenced by the increasing popularity of contactless payments.
For retailers, these cross-channel “journeys” create opportunities to integrate business-to-consumer sales channels and to leverage generated data to understand consumer behaviour. In doing this, they better target consumers, provide a more tailored service and, as is always the goal, increase revenue.
However to make the most of this opportunity, retailers need payments solutions that integrate adjacent business services and enable new functionalities that enhance loyalty programs and advertising performance. In this video, Iain Devine, Commercial Director at Salmon, discusses developments in payments, the opportunities this offers retailers and what they need to do in order to capitalise.