Goldilocks and the three smartphone payments: a modern shopping fairytale
Once upon a time there was a young Millennial consumer named Goldilocks. Goldilocks was a smart and savvy shopper with a particular fondness for using technology to get her needs met. One day, Goldilocks decided to go on an adventure in the wilderness known as the World Wide Web. So she picked up her mobile phone, opened a web browser, and set off.
Goldilocks had not gone far down the information superhighway when all of a sudden, a surprise popped up. It was a banner ad, announcing the line-up for the upcoming Three Bears Summer Music Festival. She couldn’t contain her excitement and curiosity, and set out to find the best deal on festival tickets.
Looking around at her options, she saw three different vendor sites with the tickets she was looking for. Goldilocks tried the first site.
“Ugh!” she cried. “This site is too risky. It doesn’t have a secure sockets layer (SSL) certificate and wants access to my PayPal account.” And she promptly hit the back button.
She tried the next site.
“Ugh!” she cried. “This site is too complicated. It wants me to create a user profile before buying the tickets. Who has time for that?” And she promptly hit the back button.
She tried the third site.
“Yes!” she cried. “This site is just right. It’s secure and linked to my Amazon account so I can purchase with one click.” And she instantly bought the concert tickets.
As Goldilocks continued down her path, she thought about the concert and remembering how tiring summer concerts could be, she set off to investigate a portable place to rest. She searched for a time and found three pop-up shade tents she liked on three different sites.
She entered the first site and tried to put the shade tent in an online shopping cart for checkout.
“Oh no!” cried Goldilocks. “This site doesn’t offer online ordering and it’s two states away!” And she hit the back button.
Goldilocks entered the second site.
“Oh no!” she cried. “This site offers shipping but because the tent is so heavy, it costs an extra $50.” And she hit the back button.
She entered the third site.
“Yes!” she cried. “This site has a brick and mortar location in my town, and offers free shipping for in-store pick up.” And she clicked the “confirm purchase button” with glee.
When Goldilocks received notification that her shade tent had arrived, she went down to the store to retrieve her purchase. Since she had already paid for the tent online, she didn’t even have to bring her wallet into the store.
Upon picking her item up in the outdoor and gardening department, she happened to notice a beautiful display of patio furniture with just the right kind of chairs for her and her friends to sit in under the canopy at the Three Bears Summer Music Festival. She instantly decided she must buy them. But oh drat! She left her wallet in the car.
Being the technologically savvy shopper that she is, Goldilocks noticed an NFC (near field communications) terminal at the checkout counter and was relieved at once. Upon her request, the sales associate promptly scanned the chairs with her mobile POS scanner and rang up the sale. Goldilocks whipped out her iPhone, accessed her Apple Pay mobile wallet, tapped it to the NFC card reader making a contactless payment, and instantly became the proud owner of four chairs to accompany her pop-up shade tent at the concert.
The next week, after reviewing the analytical data collected behind the scenes during online browsing sessions and purchasing history, the owner of the first concert site Goldilocks had visited exclaimed , “Someone’s been shopping on my site, but left without making a purchase.”
And the second concert ticket site owner cried, “Someone’s been shopping on my site, and even put tickets in the shopping cart before abandoning it!”
And the third concert ticket site owner cried, “Someone’s been shopping on my site and made a purchase!”
The analytics came in for the pop-up tent browsing session. And the first site owner cried, “Someone’s been shopping on my site, and I lost their business because I don’t offer online purchasing!”
And the second site owner cried, “Someone’s been shopping on my site, and I lost their business because I couldn’t offer in-store pick up or free shipping.”
But the third site owner cried, “Someone’s been shopping on my site, and I’m winning at omnicommerce! I made the original sale, plus an additional $100 worth of add-on goods when the customer came to my store.”
Goldilocks was satisfied with her purchases. The concert ticket vendor and the pop-up tent vendor with in-store pick up were satisfied with their sales. And the Three Bears Summer Concert Festival was epic. The end.
The moral of this story, is that merchants who take modern consumer behavior into consideration and make it easy for them to buy whenever and however they want, are poised to take the lead in today’s economy. If you’re an eCommerce provider, think about the convenience, security, and payment methods preferred by online shoppers so you don’t lose potential business to a more savvy competitor. If you’re a brick and mortar merchant with an online sales channel, make sure that the customer has the same positive experience purchasing online as they do in-store with regard to convenience, security, and payment flexibility. As more and more consumers become accustomed to relying heavily on smartphone and mobile device payment technology while shopping and expect seamless transitions between online and in-store interactions, it’s wise to be thinking in terms of omnicommerce and what it will take to get your business channels up to speed.
Vantiv is a leader in omnicommerce technology and has the solutions you need to expand your reach and perfect your customer experience. Contact us today for more information.