Boost retail revenue with stronger payment processing technology
January 06, 2014

Investing in advanced electronic payment systems can help retailers find new ways to increase revenue in 2014.

The recent holiday shopping season brought a substantial boost in revenue for many small and medium-sized enterprises. In fact, the Newnan Times-Herald, a newspaper published in Georgia, said 2013's Small Business Saturday during the weekend after Thanksgiving was the most successful day in the event's short three-year existence. However, there is still a significant amount of work to be done if stores want to truly make the most of the opportunities uncovered by last month's sudden increase in sales.

The economic outlook for small and midsize firms is already looking more positive this year than it has in the past. According to The Wall Street Journal, the U.S. economy expanded by 4.1 percent in third quarter of 2013. Consumer spending also continues to climb as more people are finding steady employment. Business should take advantage of these trends to follow through with their plans for growth this year with the following steps:

Keep loyalty in mind
Gift card programs are a popular alternative for consumers who aren't sure exactly what they want to buy at a specific store. A large number of people who received these cards during the holidays will likely be using them in early 2014. Businesses should boost their marketing efforts to prevent people from simply letting their balances go to waste. A recent article in Forbes said it's easy for shoppers to forget about their gift cards for months, or even years, at a time. As a result, managers should focus their efforts on improving these tools and other related rewards programs to create a more loyal customer base. By offering incentives for individuals to shop, stores are more likely to reap the full benefits of the initial gift card purchase. They may even further boost sales, as getting people through the door increases their chances of buying additional merchandise.

Invest in more flexible payment options
Consumers may be more willing to spend money in the retail market this year, but they aren't always willing to leave the house to do so. More than ever before, shoppers are using the Internet to browse and purchase goods. Businesses that improve their electronic payment systems infrastructure will ultimately have an easier time satisfying the evolving needs of individual customers.

Nexus: G-WEBCD1