You may or may not have read my first LinkedIn blog post, “The Beginning of a Cashless Society.” If you haven’t, you can read it here: http://ow.ly/tVZ4301U5xA . This blog post was mostly introductory, discussing what cashless means, where and how it has been implemented, and I briefly touched on a few different future possibilities.
This followup blog post will now expand on the first one, focusing more on what becoming cashless could mean for product manufacturers and retailers in the foreseeable future in the United States.
Cashless and Product Manufacturers
Like I said in the previous blog post, the United States becoming cashless could mean several things for product manufacturers, but it could most importantly mean opportunity especially in the development of new technology.
● Technology development
○ Mobile apps
○ Scannable wristbands
○ Other scannable wearables/portable items
○ Credit/debit card improvements (like the EMV technology, or chip, recently being
added)
○ Software improvements to prevent potential hacking of accounts
○ Devices for retailers that will scan and accept the payments
All of these examples could branch out into several new examples and ideas,
making the possibilities truly endless.
● Lots of money to be made from retailers upgrading to the new technology
Cashless and Retailers
● More available consumer data can be collected with cashless options, which is
extremely valuable
● Reduction of credit card fraud (with continuous technology development like the
EMV/chip cards)
● Increased sales and revenue (people are more likely to spend higher amounts when
they do not pay with cash)
● A potential lower cost of exchange
● More efficient checkouts, resulting in shorter lines and happier customers
Again, cashless is not going anywhere – cash is. Embrace the opportunities.
This blog post was written by Stephanie Trudell, our Brand Ambassador Intern here at Retailbound. You can reach Stephanie at StephanieTrudell.Retailbound@gmail.com.
