Mobile phones are one of the greatest devices ever invented. They mobilize the power of computing and allow us to live and work out of our hip pockets. And as e-commerce has evolved into mobile commerce (m-commerce), consumers have become even more empowered with the ability to make payments anytime, anywhere.
From the perspective of small business, this technology has also created a powerful purchasing tool with many added perks. Although mobile payments alone are no magic bullet for driving revenue, there are several advantages that can be easily overlooked. Perhaps your company is still unclear on how to harness the potential of m-commerce? Here are the most common mistakes companies make when jumping into mobile payments.
>h3>Mistake #1: Technology In Isolation
Although commerce is everywhere, too often companies neglect to take into account customer behavior. Merely implementing m-commerce into your business is not enough. To maximize the value you and your customers receive from mobile, it’s imperative to consider your customer’s user experience and how they engage with your products and services. These factors are key in the decision making process when it comes to technology, partners and networks you’ll use.
TIP: Hire a qualified and knowledgeable user interface or user experience (UX) designer. A good approach to solution-based systems and design are crucial for connecting you and the customer.
Mistake #2: Not Leveraging Customer Data
Not only can mobile payments enable merchants to collect data, they help businesses keep track of customer contact information, purchasing history and other pertinent facts, such as customer favorites and preferences.
Having this extra source of data about customers and their purchasing habits will enable you to offer more targeted and relevant deals, discounts and products to specific purchasers.
However, keep in mind that collecting data can be a bit tricky. There are privacy rights and issues that you need to comply with, so make sure your business is aware of how you can and cannot use customer information.
TIP: Understand the data that is created within a customer’s relationship or transaction. Ask yourself how can this data be turned into insights or value for the customer.
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