Mobile payments drive retail sales
April 16, 2013

As more consumers reach for plastic at the point of sale, mobile commerce may quickly gain momentum as a secure payment option in the retail market. Small businesses looking to increase their revenue may want to consider adopting processing software to accept mobile payments to drive sales and customer satisfaction.

Study finds mobile use soaring in retail
According to a study by the consultant firm Deloitte, 48 percent of American consumers own a smartphone and use it half the time they are shopping in a store. This boost in mobile usage is projected to influence mobile payment processing among small businesses. About 17 to 21 percent of retailers may be influenced by the mobile trend by 2016. The report estimated this snowball effect will translate to between $628 billion and $752 billion in revenue and recommended companies adopt mobile payment processing software as a sales strategy.

Craig Wigginton, vice chairman of Deloitte, stated small businesses cannot afford to delay embracing payment processing on mobile devices in 2013 and suggested organizations examine the value of staying ahead of the curve. 

"Companies need to remain focused on marketplace growth and innovation in other strategic areas, particularly vertical industries and the cloud," Wigginton said in a recent interview. "The expanding array of data services provides tremendous value to consumers, in turn creating value for all of the companies in the mobile ecosystem. As the consumer market matures, 'connected things' and enterprise services offer new growth opportunities. In addition to supporting their customer base, companies also need to revisit their core fundamentals around shareholder value — including 'blocking and tackling' activities such as asset efficiency, cost control and service improvement."

Mobile innovations generate sales
As the retail marketplace adapts to the exponential growth of the mobile field, companies offering transactions through mobile processing can stay ahead of the industry and increase customer satisfaction. Consumers are still becoming comfortable with electronic payment software, and organizations may want to consider informing clients about the benefits of the innovation. 

Mobile payment processing technology will only improve as more customers integrate their smartphones into their purchasing experience. As clients become more aware of the ease purchasing through a mobile device provides, organizations accepting the transaction method at the point of sale may begin to see increased sales conversions, stronger client retention and higher satisfaction rates.

Nexus: G-WEBCD2