Retailers turn to mobile
January 26, 2013

After several solid years of growth, mobile payments are now becoming one of the more common transaction methods for merchants and service providers of all kinds. More consumers are carrying smartphones and tablets than ever before, and a growing majority of these individuals are expecting to carry out payments through the devices.

Merchants should consider adopting integrated payment solutions for the most optimal transaction processing strategies, as these tools maximize convenience for the consumer. Further, mobile payment processing is increasingly affordable, allowing merchants to divert resources to other arms of the business such as marketing and product development.

Mobile on everyone's mind
Mobile Payments Today recently reported that the latest Research State of Retailing survey revealed merchants will be investing in a variety of technologies to improve profit margins. At the forefront of these strategies will be mobile payments and loyalty and gift card programs

The source explained that more than half of retailers surveyed cited checkout optimization, alternative payments, product detail page enhancements and user experience as their biggest priorities for the coming months. Mobile and tablet payment processing, which 43 percent of retailers said they will invest in this year, also ranked in the top three priorities.

"Retailers have responded to rapidly evolving customer use of mobile devices, dedicating much of the past 12 to 18 months to developing and testing rich mobile offerings for both customers and store associates," executive director Vicki Cantrell explained to the source. "While direct mobile commerce is still small, mobile services are now an established and significant part of the shopping experience."

Mobile Payments Today explained that optimization between web-based and brick-and-mortar storefronts remains a crucial component of successful merchant operations. Mobile sales continue to grow at an exponential pace, and many studies indicate this trend will only intensify in the coming years.

High hopes for mobile, plastic
Last year, many experts asserted that the retail and merchant industries are moving toward a cashless landscape, a feat that might be met within the next 15 years. Early adopters of advanced payment processing technologies will have a competitive advantage over those organizations that are slower to take advantage of these trends.

With integrated payment systems, merchants can expect to see stronger loyalty and profits resulting from improved customer experiences and a growing preference for technology-based transactions. 

Nexus: G-WEBCD2