Every retailer needs to know what their customer base desires if they want to provide the best possible shopping experience and keep the cash flowing. This doesn't just mean stocking the shelves with the most in demand fashion or electronics. It also involves knowing how consumers prefer to pay, as this knowledge can play a critical role in the bottom line.
For instance, if you are a high-end fashion boutique that caters to wealthy clientele but only accepts cash, it could cost you sales because that group does not typically carry large sums of cash. It can go the other way as well. Imagine a fast casual eatery in a college town that only takes credit — not a smart business move.
Shullman Research Center released the results of the most recent customer survey of adults with a household income of over $75,000 annually. The results showed that there is a growing difference when it comes to how the younger generations prefer to pay.
The study found that Millennials (ages 18 to 33) not only have a better outlook on their financial future when compared to all adults (86 percent compared to 72 percent), they also plan to spend more money, as 57 percent plan to buy in the next 12 months compared to 37 percent.
On top of that, how money is spent is changing. Millennials are 12 percent more likely to use the internet, 7 percent more likely to use a tablet and 6 percent more likely to use a smartphone or other mobile device.
For any of these systems to be successful, companies need to upgrade their point of sale software solutions to make sure all credit card processing is secure.