Physical retail has been experiencing a gradual death since
quite some time. With the advent of online and mobile shopping, the number of sales recorded by malls have
declined. A new report suggests that digital services, such as m-payments,
might save these outlets from a complete downfall.
There are two principles on which the above theory is
founded. One is the showrooming
concept. This involves shoppers going to the store to look for an item,
physically interacting with it and then using their smartphone to buy from the
outlet with the best price. The second idea is the drastic increase in these
digital settlements. 24.8 percent of customers utilise their mobile device to
process financial transactions.
Moreover, firms are constantly introducing promotional
offers to incite consumers to purchase from their store via their mobile
payment facilities. Target has implemented a “Skip the Line” service
allowing its clients to settle their bills remotely or on location. Additionally,
there is the idea of cross-company partnerships. For instance, you can bring
your Applebee’s receipt to Best Buy to get a 10 percent discount.
It is very clear that customers wish to use their mobile
phones in stores. So, retailers should make the most of the showrooming
urge. Otherwise, they can offer services, such as consultation or better
warranty, not provided by online shops.
Mobile
payments can increase sales for retail stores
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