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Future of Retail — Payments Innovation


issue 02


to pay have three distinct advantages over more traditional payment methods like cash. First, they help retailers improve the customer experience by eliminating some of the friction points associated with making a purchase. Secondly, they can capture a much greater level of insight of their customers, which they can then use to deliver instant gratification and location-based services. Third, businesses can give shoppers the reassurances that they’re in control of how their money is spent.


IMPROVING THE CUSTOMER EXPERIENCE A quicker, more seamless payment experience means shoppers spend less time waiting in queues, and more time shopping. Following the success of contactless, mobile payments have started to achieve considerable traction, thanks to its convenience and ease of use. Payment capabilities are being embedded into wearables too, letting users make a purchase with just a quick tap of the wrist or the lift of a finger. Looking ahead, with beacons, app users will


be able to pay ‘hands-free’ by selecting items they want from a shop ahead of time, with the retailer taking payment when the customer walks through the doors to collect their items. As the payment is activated by a phone simply contacting a beacon when walking into the store, no queues are required and products can be collected quickly. Further down the line, with the rise of the


Internet of Things, payments will be a feature of an increasing number of devices. For example, there will be smart fridges that can order groceries when they detect that the user is running low, making purchases even easier for shoppers.


GAINING DEEPER INSIGHT INTO CUSTOMERS’ SHOPPING BEHAVIOUR With these new ways to pay, retailers can capture a much greater level of insight of their customers, which they can then use to deliver instant gratification and location- based services. Mobile digital wallets for example allow retailers to offer deals and offers tailored to individual customers. The


Retailers who use data to efficiently target consumers can allow them to secure a payment before a shopper has even entered their store.


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