New payment options could increase sales

In 2011, many consumers tightened their budgets to combat the poor economic climate. As more retailers are turning to online stores, shoppers are taking the time to scour the internet looking for the best deals and most convenient options before purchasing an item.

Smart Company recently reported that credit card transactions increased 2.1 percent between 2010 and 2011. However, shoppers are proving to be savvy, and the average outstanding credit card balance only increased 1.4 percent in 2011. Thus, retailers must find ways to offer deals and add convenience to increase sales in the highly competitive market.

In one strategy for maintaining a competitive edge, many retailers are launching mcommerce solutions to complement their ecommerce sites. These mobile services allow shoppers to browse online stores from their smartphone or tablet, compare prices and make purchases on the go.

According to Adelaide Now, many smartphones are coming equipped with credit card technology, allowing customers to simply swipe their device over a scanner in a store to make a purchase. These phones have launched worldwide and are growing in popularity with Australian shoppers, indicating that mcommerce options could attract new consumers and increase sales.