August 27, 2018
Kount attended Connect: Mobile CX Summit earlier this month, where top brands met to discuss innovative ways to leverage mobile and digital channels for customer engagement. The event included restaurant, hospitality, and retail industry experts presenting success stories and use cases related to their experience with digital transformation.
Customer expectations are continuing to drive the need for companies to offer mobile and online payments. While many companies are past the beginning stages of their digital strategy, new technologies and behaviors continue to push the envelope for growth. A few resounding areas for retailers to consider as they continue to innovate are:
- Loyalty programs. They say loyalty cannot be bought but must be earned. Offering reward points for customers can turn them into VIP buyers and increase their overall lifetime value.
- Virtual reality. This technology has come a long way in the last 5 years to allow for a better user experience for online and in-person purchases.
- Autonomous robots. Build intuitive tools that can change human behavior. Scenarios where using a programmable work force with the ability to do strenuous work that humans may not be apt to, can help a business operate more efficiently.
- Mobile messaging. Contextualized, personalized, and relevant messaging leads to action and customer satisfaction. If done correctly, mobile messaging will be the preferred communication method for most consumers.
- AI and machine learning. AI is the next evolution in IoT and data analytics. This technology can process data far beyond human capacities to know more about your customers, service them better and faster, and anticipate their needs.
- Delivery demand. In today’s world, customers want your product on their own terms. Increasingly, in-store pickup, curbside delivery or home delivery is the answer for their quest for convenience.
- Mobile ordering. There is a big push toward mobile ordering and a good bit of demand from consumers to where it is now expected. The best mobile ordering platforms have a good UX, with ease and simplicity being the primary drivers.
- Social commerce. Social media introduces another channel for customers to purchase, air complaints, or give praise. There is nothing more authentic and valuable than a customer enthusiastically sharing their love for your brand on social media.
Now that we are past the buzzword stage, when companies embark on a new digital transformation strategy they often overlook fraud. There is a liability shift from the bank to the online business when fraud happens with card-not-present transactions. The company will incur chargeback fees, product loss, operational expenses, and much more, if fraud isn’t caught early on. We discuss more about digital fraud prevention and mobile order-ahead strategies in part 2 of a podcast series with Mobile Payments Today. Check out Episode 6 of the podcast, where we discuss how machine learning and AI technologies help the mobile payments industry.