Staying on trend with hot new technologies can help your business stay current and boost your consumer engagement and sales. Technology is constantly evolving to improve business processes, create consumer solutions, and provide adaptable and convenient service. The COVID-19 pandemic changed how people think, live, shop, and work. Advances in business mean that people continue to want innovative technologies that suit their needs.
From Buy Now Pay Later instalment loans and collaborative technologies to mobile payments and 5G technology, these automated, contactless, AI-driven options are changing the face of businesses across the globe.
Here are the top ways to boost your business this year with these 3 must-have technology trends.
1. Buy Now Pay Later
If you recently made a purchase through Target, Amazon, Walmart, PayPal, or other big online companies, you probably noticed an option to split your order total into several payments.
That’s because Buy Now Pay Later (BNPL) made a major reappearance in a new digital form due to the surge in online shopping during the pandemic. It’s one of the fastest-growing global eCommerce payment trend right now. According to Insider Intelligence, 1 in 3 Americans have used some type of BNPL short-term installment loan this year. In fact, web searches for BNPL have exploded by 1014% since 2017.
Many people use a delayed BNPL program to control how and when they spend their money, use it to spread out payments due to income loss, or contribute to their emergency fund. While the concept of BNPL isn’t new, it’s a popular form of short-term credit that appeals to millennials and Gen Z who prefer flexible payment options to traditional credit cards.
Since BNPL consumer spending is expected to reach $1 trillion in the next 3 years, implementing this type of payment processing option through Klarna, Afterpay, or PayPal can help you boost your business.
2. Internet of Behaviors
The brainchild and outgrowth of the Internet of Things (loT), the Internet of Behaviors (IoB) connects devices to study user data from a vast array of sources.
While this might sound complicated, the IoB merges the physical and digital worlds to impact customer’s behaviour using feedback loops. This means that service providers collect consumer data, study consumer behaviour, and seek to influence their actions by personalizing services, target their audience, and improving both product marketing and customer experience.
Analysing consumer data either manually or with AI processes is an evolving field in technology that uses behavioural psychology to optimize the ways that businesses can reach and serve their customers.
Integrating consumer data collection and analytics into your business can help you know what consumers want, refine your marketing strategy, and create better solutions to enhance customer engagement and experience.
3. Tap -to-Mobile Contactless Card Machines
Contactless card machines are becoming the new normal. Driven by COVID-19, this trend is one of the fastest-growing technologies that you will want to incorporate into your business this year. According to experts, Tap-to-mobile technology is not only changing how retail works, but it can boost your business’ sales in 2022.
This trend isn’t limited to urban areas. Even in rural places, more customers are choosing to tap their phones or cards at checkout.
In a recent VISA survey, 50% of polled consumers think that contactless payments are one of the most important safety technologies that a business can offer. More than half of millennial shoppers admitted that they will choose a store with contactless payment options over one that doesn’t offer this feature.
Tap-to-mobile options enable consumers to use a mobile wallet like Apple Pay or Google Play or a contactless card to pay right through your business phone. By now, most people recognize the symbol on card readers that lets people know that the machine can take contactless payments.
If you’re a small merchant who doesn’t have a contactless POS system, you can use any mobile device that has an NFC chip as a mobile point-of-sale terminal. You can also check out PayAnyWhere, a solution that allows customers to pay when and where they want on the go.
It’s safe to say that contactless card machines are set to grow exponentially in the future. Offering flexible, adaptable, and convenient technologies for your customers can help you better boost your business success this year.
