We are living in such a bizarre time, especially for businesses. This year, make it a point to strategize early so your customers have a frictionless checkout experience so you capitalize on this holiday season and make it a profitable one. Here are 5 strategic payment strategies to increase sales this holiday season.
When we refer to mobile, we're specifically talking smartphone sales. Last year smartphone sales increased 34% over the prior holiday season. With smartphones becoming an extension of the human anatomy, E-wallets, and apps that allow customers to pay right from their smartphone is on its way to becoming the most preferred way of paying. Our mobile solution credit card swiper paired with our app is ideal for your customers to easily pay from their smartphones.
122 billion was the amount online shoppers spent last year making it a 17.4% spike over the prior year. If your business doesn't have an online presence, the time is now. That being said the focus should be on optimizing sale conversions
According to research conducted by Nielson Norman Group, you have 10 seconds to capture the attention of the prospect before they're gone forever. Here are a few techniques you could use to improve your chances of keeping their attention.
- Use clear & concise language to convey the value proposition of your product or service
- Don't overwhelm your customer with too much copy. Being brief is best.
- Add video to reinforce the value proposition. Video is known to keep website visitors more engaged
- Build trust in your business, products & services with testimonials, reviews & case studies
- Test, test & test some. crate baseline metric and measure continuously to see if changes you make are positive to the web experience
3. GIft cards
Besides the fact that I personally give gift cards out every holiday, the National Retail federation ranked gift cards at the top of the consumer's gift list for 12 consecutive years in a row. There are many benefits your business can gain by offering gift cards.
Gift cards can be used for loyalty and rewards. Many retailers offer attractive gift card incentives during the holiday season to elicit even more sales. You have probably seen a business or two offer a gift card incentive like buying a $40 gift card and get a bonus of $10. These loyalty and reward offer to strengthen the relationship between you and your customer.
Typically customers spend more than the value of the gift card when they redeem them, giving you an incremental sales lift.
Sometimes when gifting a gift card the person receiving the gift card will never end up using it because they lost it or forget about it. This is free money!
Offering more ways to pay, increases your customer reach.
4. Offer favorable payment terms
According to Deloitte's retail holiday survey from 2018, consumers had an average of 16 gifts to buy during the holidays and spent an average of $525.
With COVID affecting the economy, new favorable payback services are an attractive option to offer your customers. These services will allow consumers to purchase whatever goods they're shopping for with monthly payback terms instead of purchasing outright, right then and there. Make sure to stay within state laws and communicate the terms so there is no confusion later on. These new services include deferred billing, payment plans & recurring billing.
5.Making your POS system Mobile
According to BlueSnap in-store mobile payments will reach $503 billion by 2020. An annual compound growth rate of 80%.
If your POS system doesn't offer an E-wallet option then maybe its time to look at other POS options because this payment method is going to become one of the top payment methods for consumers.
These types of payment methods are attractive for many reasons including faster checkouts, safer checkouts. Plus who wants to wait in long lines especially with the risk of getting COVID.
Another option is to add a tablet with a mobile reader for your staff to walk around the store with. This will speed up long lines and make consumers happy that they can pay a store clerk walking around with a tablet.
What have you done to streamline your checkout experience for your customers this 2020 holiday? We would love to hear how your business is streamlining the checkout for customers. If you're stressed out because you would like help with improving your checkout experience for your business please contact your Bespoke Bancard Solutions today.
If you think it's a pain in the but or a hassle to set up a new merchant provider or want to change POS systems but worried because of holidays, you need to stop this negative way of thinking. Setting up a merchant account and having you up and running live is much easier than it was before. We do these types of conversions daily and are really good at it. GIve us a call today and let us custom tailor your payment solutions today.