What Apple Pay Might Mean for Bike Dealers
On Monday, October 27, Apple will officially roll out Apple Pay , its new mobile payment service available for the iPhone 6 and iPhone 6 Plus. With their iPhone and thumbprint consumers will be able to make purchases at more than 220,000 stores or inside apps. So why will Apple Pay work when similar products – like Google Wallet and Paypal – never really took off? And what does that mean for bike dealers?
According to industry insiders, Apple Pay could work for several reasons. First, with credit card fraud at an all-time high (a $15 billion dollar “industry”), Apple Pay’s enhanced security measures make it safer than a traditional credit card with pin or EMV chip.
The second secret to Apple Pay’s success is that they’re doing what Apple does best: focusing on creating a great user experience. The NFC technology that powers Apple Pay is more than a decade old but the way consumers will interact with it is more user-friendly. Although Trek’s Ascend POS system doesn’t currently support NFC, the Harvest team has learned that Trek is weighing its options for 2015.
It will most likely take a while for Apple Pay to take root (and even Walmart – the nation’s largest retailer – hasn’t yet signed on), but the conversation around mobile payment is just one part of the greater dialogue around the proliferation of mobile phones and the role they play in a consumer’s purchasing decision. More and more shoppers turn to their phones when they’re researching or ready to purchase; and Apple is hoping to take them one step further to the actual monetary transaction.
Bike dealers should keep tabs on these ever-evolving trends and look to making their customer experience as mobile friendly as possible. Mobile-enhanced web sites, e-mail marketing, and social media are important ways for bike shops to interact with their customers before and after they’ve set foot in the store.
Are you reaching these wired consumers? If you’re not sure, let Harvest Retail Marketing help.