Growing competition, together with the evolution of technology, has resulted in a rise in the need as well as demand for tools that help businesses effortlessly collect valuable data and insights about their customers. Also, the market has consistently endeavored to fulfill this requirement, giving companies a variety of options to choose from. One such tool that quickly rose to the top of the charts is near-field communication (NFC), thanks to its ability to not only empower businesses with excellent insights but also transform the customer’s experience.
Research predicts that Near Field Communication and other contactless payment technologies will generate roughly $190 billion in sales in the US. Here’s some context: till about five years ago, these technologies generated only $9 billion in sales. So, yes, it’s entirely in demand. However, what drives such high levels of popularity? For starters, it facilitates rapid payments for both parties, i.e., retailers and customers. Also, suffice it to say that this is only scratching the surface of the benefits of NFC technology for retailers and how it helps them transform the experience for their customers. Let’s take a look at some of these benefits.
1. Streamlined payments: Using NFC to execute payments requires the customer to be nearby, which, in turn, fuels the technology’s reputation being as a highly secure payment option. Moreover, with NFC payment options offered by three of the biggest tech giants today, i.e., Samsung, Apple, and Google, this mode of payment has gained rapid and widespread popularity among users and retailers alike, which, in turn, shows customers’ approval and satisfaction with NFC.
2. Better customer experience: With online shopping turning up the heat, retailers have to strive much harder to drive customers to their store. Thankfully, they have one fact that they can leverage to their advantage — the reliance on mobile phones. Since most phones today are NFC-enables, retailers can make use of NFC tags to improve customers’ experience by allowing them to scan tagged products, view all the essential information about the product instantly as well as recommendations. It results in an in-store that is significantly more engaging and also straightforward.
3. Enhanced loyalty: Among various other means to leverage NFC technology, one is to use it to put together an engaging loyalty program that persuades customers to return to the store. Take the example of Wasabi, a UK-based chain of restaurants; Wasabi put NFC to use to set up a loyalty scheme that didn’t involve the use of an app. All customers had to do was tap a smart card with their smartphone to join the Wasabi Club, and they can start racking up loyalty points immediately.
How retailers can use NFC technology to enhance their business and drive better sales is vast. Nonetheless, the advantages listed above should give you an overview of just how potent an NFC app can be when it comes to the retail industry. So, what are you waiting for? Go on and get started on the path to a stronger business with some assistance from this multi-faceted technology.
