E X P E R T
F O R E C A S T
E X P E R T
F O R E C A S T
CONTRARY TO COMMON BELIEF , BRITS DON ’ T LOVE QUEUING ; IN FACT , THEY HATE IT . FASTER PAYMENT OPTIONS IN-STORE HAVE BEEN PIVOTAL IN GIVING CUSTOMERS THE SPEEDY EXPERIENCE THEY DEMAND SO THEY CAN GET ON WITH THEIR DAY . customers to make payments through their smartphones or other mobile devices , cutting down on wait times and speeding up the checkout process .
Retailers also stand to benefit from digital receipts , detailed sales reports , and real-time inventory management from having this system in place . This efficient processing not only improves cash flow but also provides valuable data for managing stock levels and customer preferences . fraud because of its advanced encryption and tokenisation technologies . Beyond security , digital wallets provide retailers with valuable consumer insights .
For instance , if a customer buys a Halloween costume and decorations , retailers can use this data to target them with personalised offers , such as a discount on themed candy bowls or matching spooky accessories . This level of personalisation is make or break for retailers today , with customers setting a higher bar than ever for personalised content , offers and experiences that meet their needs and interests .
Speeding up cash flow
Another innovation that retailers need to have on their radar is instant payments . Unlike traditional systems that mean transactions can take hours or even days to complete , instant payments ensure that funds are transferred within seconds .
For retailers , especially those who are operating on thin margins or managing high transaction volumes , the speed at which funds are made available can be make or break . The quick availability of cash means retailers can better manage their finances , buy new stock and address operational costs at pace .
Contrary to common belief , Brits don ’ t love queuing ; in fact , they hate it . Faster payment options in-store have been pivotal in giving customers the speedy experience they demand so they can get on with their day . Quick transactions not only improve cash flow and reduce delays but enhance the customer experience , making it ideal for those who ’ ve left their shopping too late , or forgotten an item on their list . As a result , customers walk away with the right impression .
Ditch the lines and pay with a tap Retailers should be equipped with mobile point-of-sale ( mPOS ) systems that allow
Beyond the Golden-Quarter
As retailers prepare for the Golden Quarter and beyond , understanding and leveraging FinTech payment innovations can seriously pay dividends . By adopting technologies such as embedded finance , digital wallets , instant payments , and mobile payments , retailers can improve their operational efficiency , enhance customer experiences , and position themselves for future growth in a digital-first world .
Indeed , in recent years marked by economic shocks , huge tech advancements – especially with AI – and increasingly unpredictable consumer behaviour , it is crucial for retailers to stay ahead of payment options . Providing consumers with flexibility , choices , and ultimately , ways to manage their outgoings and spread the cost will be key . Retailers will need to take a view on which innovations align best with the changing expectations of their customers and who they partner with to help them remain competitive . � www . intelligentfin . tech
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