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It’s no secret that the shopping experience is changing with the rise of smartphones and tablets. According to Harvard Business Review, the mobile transformation is affecting the whole shopping cycle from start to finish. This article is the fifth in a six-part series on retail trends in advance of the 2014 National Retail Federation’s Annual Convention being held next week in New York.
Smartphones and tablets are increasingly being used by customers and vendors as a point of purchase. No longer is a cash register or wallet needed to complete a sale.
Softcard Mobile Wallet*, for example, enables shoppers to securely store virtual versions of their credit and debit cards on their smartphones. The app also stores loyalty cards, coupons and other special offers.
More than 200,000 retail locations across the country, including Toys“R”Us, Jamba Juice, and Coca-Cola vending machines, are equipped with tap-to-pay terminals compatible with Softcard.
Beyond major retailers, small businesses can also pair smartphones and tablets with a mobile payment system, such as the Square accessory and app, to make a significant impact on their sales. Mobile payments enable vendors of all sizes to accept credit and debit cards no matter where they are conducting business.
“As a small business owner, you want your customers to have the best experience possible each time they walk in your store,” said Erin L. Hohnbaum, owner of E.Leigh’s Boutique in Little Rock, Conway and Fayetteville, Ark. “Long lines at registers shouldn’t be something they have to deal with. Mobile payment options at the point of purchase can make the retail experience more seamless – for the customer and the shop owner.”
This article is part of a series on retail trends in advance of the 2014 National Retail Federation’s Annual Convention being held in New York.
*UPDATE: Google and Softcard have completed an agreement that will leverage the best technology from both companies to create a more robust mobile wallet for consumers. The mobile payment system will keep the Google Wallet name. Read more here.
