Boost your business with these 3 essential technology trends – 365 RETAIL


Keeping up with new technology can help your business stay current and increase consumer engagement and sales. Technology is constantly evolving to improve business processes, create consumer solutions, and provide convenient and adaptable service. The COVID-19 pandemic has changed the way 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 installment loans and collaborative technologies to mobile payments and 5G technology, these automated, contactless and AI-powered options are changing the face of businesses around the world.

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Here are the best ways to boost your business this year with these 3 must-have tech trends.

1. Buy now and pay later

If you’ve recently made a purchase through Target, Amazon, Walmart, PayPal, or other big online companies, you’ve probably noticed an option to split your order total into multiple payments.

That’s because Buy Now Pay Later (BNPL) made a major comeback in a new digital form due to the rise of online shopping during the pandemic. It is one of the fastest growing global eCommerce payment trends right now. According to Insider Intelligence, 1 in 3 Americans have used some type of short-term loan from BNPL this year. In fact, web searches for BNPL have skyrocketed by 1,014% 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 lost income, or contribute to their emergency fund. While the concept of BNPL is not new, it is a popular form of short-term credit that appeals to millennials and Gen Z who prefer flexible payment options to traditional credit cards.

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With BNPL consumer spending expected to reach $1 trillion in the next 3 years, implementing this type of payment processing option through Klarna, Afterpay, or PayPal can help boost your business.

2. Internet of Behaviors

The creation and growth of the Internet of Things (IoT), the Internet of Behaviors (IoB) connects devices to study user data from a wide range of sources.

While this may sound complicated, IoB merges the physical and digital worlds to impact customer behavior through feedback loops. This means that service providers collect consumer data, study consumer behavior and try to influence their actions by personalizing services, targeting their audience and improving both product marketing and customer experience.

Analyzing consumer data, whether manually or with AI processes, is an evolving field in technology that uses behavioral psychology to optimize the ways businesses can reach and serve their customers.

Integrating consumer data collection and analysis into your business can help you understand what consumers want, refine your marketing strategy, and create better solutions to improve customer experience and engagement.

3. Tap-to-Mobile Contactless Card Machines

contactless card machines are becoming the new normal. Fueled by COVID-19, this trend is one of the fastest growing technologies you’ll 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 also boost your business sales in 2022.

This trend is not limited to urban areas. Even in rural locations, more customers choose to touch their phones or cards at checkout.

In a recent VISA survey, 50% of consumers surveyed think contactless payments are one of the most important security technologies a business can offer. More than half of millennial shoppers admitted they would choose a store with contactless payment options over one that doesn’t.

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Mobile touch options allow consumers to use a mobile wallet such as Apple Pay or Google Play or a contactless card to pay directly through their business phone. By now, most people recognize the symbol on card readers that lets them know the machine can accept contactless payments.

If you’re a small merchant that doesn’t have a contactless POS system, you can use any mobile device that has an NFC chip as a mobile POS terminal. You can also check out PayAnywhere, a solution that allows customers to pay when and where they want on the go.

It is safe to say that contactless card machines will grow exponentially in the future. Offering flexible, adaptable and convenient technologies to your customers can help you better drive your business success this year.


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