Imagine customers breezing through the sales counter and your payment transaction is conducted seamlessly at the speed of sound. That’s what the future of retail sales is heading towards. Considered as the next frontier in the retail sales space, the USP of sound wave technology is its simplicity and convenience. The technology has the potential to truly disrupt, optimize, and democratize the digital payments ecosystem, in turn boosting the retail sales landscape.
Retail players are lapping up this technology driven innovation that’s redefining the retail sector. Focused on bringing greater customer experience and increased ROI and sales for their ventures, sound wave technology offers faster seamless transaction on a smartphone or even a feature phone overcoming the internet dependency as a medium to complete the transaction.
Sound Technology making all the right noises for retailer’s attention
Retailers are listening to the sound waves (pun intended!) generated by the sound-based solutions that’s making the electronic payment scene very exciting. The driving factor is the prospect of transmitting payment data over sound waves more securely and quickly than other payment methods like NFC or the EMV Chip-based transactions which reduces payment processing time.
Widening the scope for increased sales retail players are simplifying payment transactions between devices without placing additional price burden on their POS/payment infrastructure. They don’t have to worry about expensive hardware for NFC payments, or difficulties in capturing QR code images clearly that can sometimes result in multiple user attempts to complete the transaction.
The basic premise of using sound waves to complete transactions is that the merchant device encrypts the payment details over the sound waves which is picked up by the customer’s phone microphone. It converts the data into analog signals and completes the transaction. The only thing to ensure would be that the speaker of the phone should not malfunction and not get obstructed by any other physical agents.
As each sound wave produced is unique for a transaction this ensures the authenticity of the transaction and the payments are 100% secure. Multiple levels of encryption, tokenization and disruptive technologies like blockchain are instilling confidence in the customers to further boost sales through repurchases.
Top areas where sound wave technology boosts retail sales and payments includes:
- Electronic Data Capture (EDC) machines which can be configured with the software to accept payments through sound waves
- Configured mobile wallets or banking apps to transfer payment from one account to another
- Faster completion of payment process resulting in shorter queues at the POS terminals
- Retail apps for faster in store payments
Cash in on the sound based technology systems
It’s known that contactless transactions have increased sales mainly due to the ease of payments and less hassles involved in the payment processes. As the retailers can accept any sound based payments without incurring the additional burden of any hardware installations, they can put in extra effort on their CX initiatives. This in turn fuels the sales funnel and subsequently boosts the bottom line.
The best benefits that retailers reap from a sound based payment technology are:
- Effortless Transactions – Helps in getting relevant information quickly. Simplifies business transactions and the process is faster, effortless and error free.
- Increased Sales – Technology works in both online and offline modes, on both smartphones and feature phones.
- Improved Customer Analysis – Captured customer data can be easily analyzed to understand their customers to promote brand loyalty and repeat purchases.
- Enhanced Customer Experience – Easy & simple interactions that enable smooth transactions. Customers expect a stress free payment method without being bothered by frivolous questions and entering numerous OTP’s and pins.
- Specific Hardware Implementations – Merchants can use existing POS infrastructure with no specific device or hardware requirements. Only software implementation is needed at the merchants’ devices or POS, that’s economical, easily customizable, compatible and versatile.
- Payment and Customer Data Security – Secured Method of transfer payments that establishes secure channels and encrypts sensitive information like credit card numbers. Less risk of hacking ensures customer confidence in the merchant thus increasing the sales.
- Real Time Updates – Provides real time information within 2-3 seconds compared to the other payment options (5-6 seconds) during payment processing.
Sound based targeted marketing – next level of personalization
Sound wave technology is the next step for retailers to step up their customer experience endeavors. By targeting consumers through their online and in-store behaviors, brands can lead to more personalized offers, promotions and deals.
Apps that can hear what consumers watch on various channels like TV, PA speakers, YouTube channels etc. can enable merchants to tweak their offers accordingly. Say, you’re watching an advertisement, whose merchant also includes the purchasing details in the sound waves, the interested buyer opens the app/ mobile wallet which confirms the transaction and delivers the receipt of the transaction. The confirmation will be displayed on your mobile app also and the product will be delivered to the shipping address stored in the Mobile App.
Ride the Future of Retail Sales with Sound Waves
It’s a win-win situation for both customers and retailers as sound-wave technology is quickly gaining traction in the retail sector. While retailers have another secure payment method for increasing sales customers receive a quick and hassle-free way of making payments.
Simplicity, ease of operation and cost effective being the operative words, are enabling retailers and customers to adopt sound waves technology. As a method for interacting with the customers, retailers can include messages in the broadcast feed from radio, TVs, and digital signages. Audiences accessing these feeds can receive real-time notifications, promotions, offers, CTA and surveys directly on their phones.
The future includes sound wave technology that’s particularly suited for retail industries where companies and startups can achieve the goal of a digital ecosystem and reduce cash usage in the country.