It should come as no surprise to both business owners and shoppers to know that we are marching towards an increasingly cashless society. The latest estimates predict that the average consumer will stop using physical money altogether by as soon as 2026 (https://www.bbc.co.uk/news/business-47456698). This means that London businesses have to be ready for the changes that are now only a few years away.
The wheels have already been in motion for some time now. The introduction of Chip and PIN and the rise of contactless payments has led to many retailers adopting the appropriate technology to keep their businesses up to date an able to take payments from all customers. If you are yet to implement the latest cash-less tech in your business (https://www.inc.com/zoe-henry/should-your-business-go-cashless.html), it’s important to know that Londoners are moving in this direction as much as the rest of the country.
The habits of consumers are driven by the technology that they use. With such a large proportion of people now using Smart Phones (https://www.pewglobal.org/2019/02/05/smartphone-ownership-is-growing-rap...). All the major carriers and phone manufacturers have their own payment software systems, and online banking apps (https://www.youandb.co.uk/current-account-and-savings/debit-card/) are making it easier than ever for customers to make the transition themselves. Consumers are making it easier for themselves, and as a business you should be assisting them in this change.
The retail landscape for London is the most diverse in the UK, but that doesn’t mean the city is going to go without its challenges. It’s important to understand what people are looking for when they come to visit your business and being able to streamline the payment process is key to sustaining and growing your business in the long-term.