Gaining a competitive edge in a busy marketplace today may come down to one thing: Customer service. According to a report from Garner almost 9 out 10 businesses believe that the customer experience will become the most competitive part of the industry. As businesses search for ways to elevate the customer experience, one aspect that hasn't received as much focus as it should is the payment process and its seamless integration into the total shopping experience.
With many consumers believing physical wallets will likely disappear within the next 5 to 10 years, mobile payments offers businesses a real opportunity to utilize payment technology to transform how customers interact with them and improve the shopping experience to their advantage.
The value of offering customers a way to pay by mobile phone is starting to take off at large retailers such as Starbucks and Dunkin’ Donuts, both of whom see payments innovation as the best way to differentiate and attract consumers. Starbuck’s mobile pay app, for example, now transacts 24% of it business and Dunkin’ Donuts has had 17 million downloads of its payments app since 2012.
However, despite the success of these two companies, small business owners have yet to embrace mobile payments technology. This is especially true among individual food makers and owners of small scale food establishments.
There are many reasons for the slow adoption rate. At a macro level, mobile payments in the U.S. has not gained the widespread traction that it has enjoyed in the rest of the world. On a micro level, most small business owners don’t see the immediate value of setting up a mobile payments option or don’t have the knowledge or time to do the research.
In spite of this, mobile payments can offer tremendous competitive benefits to those businesses that transition to a mobile first mindset.
- Mobile payments is 63% faster than handing over cash and 53% faster than paying by credit card.
- Because no personal information is exchanged and a physical wallet can be left at home, it’s safer and reduces the risk of a customer's information being compromised.
- Mobile payments can provide sizable customer engagement and loyalty building advantages when implemented and utilized effectively.
For example, customers are given more ownership over their purchasing experience either in the store or pop up market or before they arrive. Self pay provides convenience and more opportunities for merchants to interact with them on the same device where they'll make a purchase. This makes it easier and more likely customers will make a purchase once they are motivated to do so. Customers can also communicate with the business within the app instead of going to third party review sites. Lastly, loyalty building is much more efficient and adaptable on a mobile platform encouraging repeat business.
Treatmo mobile payments app and technology platform allows small food business and individual food makers to have a mobile presence with an amazing storefront in the app -- unparalleled among other digital platforms -- to start taking orders instantly and build a lasting relationship.
Treatmo also offers loyalty programs and promotions which can be set up with a few quick steps, including a simple and effective shipping feature to offer discounts and deals (coming in June). Businesses that embrace mobile payments like Treatmo and communicate the option to their customers, make their company more competitive since the user experience is simple and elegant and seamless from discovery to promotion to transaction.
With more businesses seeking to enhance the customer experience, mobile payments is a clear path to doing so and Treatmo, through a unique marketplace, simple payments, and hands-free loyalty offers the most expeditious and powerful technology to provide that advantage.