Future-proof your business
With online businesses stealing market share from bricks and mortar franchises, and customers increasingly frustrated by delays at the checkout, it’s more important than ever to keep up with the latest technology. Wade Jolly describes how to future-proof your business and keep your competitive edge.
Everyone who runs a business knows the world is changing — and that businesses need to evolve or risk being left behind.
The Internet has created a global marketplace, with online retailers putting increasing pressure on traditional bricks and mortar franchises.
Commonwealth Bank card data shows that online sales grew by 36.5 per cent in 2011, compared to just 1.6 per cent for traditional retailers. And it isn’t just cost driving customers online.
In a Commonwealth Bank survey in June 2012, four out of five Australian consumers revealed they were frustrated with delays in-store, such as having to wait to pay at the register. An overwhelming majority said they wanted a better in-store customer experience, with faster access to information, less time in queues and a more personalised service.
Today’s customers are better informed and more demanding than ever before. To win and keep their business, you need to create a unique experience, every time they visit. You also need to deliver the speed, flexibility and convenience they have come to expect.
That means finding new ways of doing business that simplify life for both you and your customers.
Four innovations to futureproof your business
At the Commonwealth Bank, we’re constantly working with franchisors, franchisees and other business owners to find better and faster ways to collect and process payments, accelerate cash flow, and deliver an outstanding customer experience. Here are four recent innovations that every franchise should consider.
1. Contactless payments
Contactless payments are a great way to overcome the frustration of customers left standing at the cash register. As soon as you ring up the sale, they simply tap their card on the contactless reader and go — it’s as simple as that. Your customers will love the simplicity of paying with a single tap, and you’ll love the productivity savings and security of super-fast electronic payments.
2. Commbank Kaching
You’ve probably already heard about Commbank Kaching, our mobile payments app for Android phones and iPhones, already downloaded by more than 100,000 Australians. But you may not realise that Commbank Kaching has big benefits for businesses, as well as consumers.
Install Commbank Kaching on an Apple iPhone 4S or iPhone 4 with an iCarte (available for purchase for $54.95 via the application) and your phone turns into a contactless smart card. So customers can buy from you with a single tap, even if they’ve left their wallets behind. And Commbank Kaching comes with a host of other handy banking and payment options as well — including BPAY, peer-topeer and Facebook payments.
3. Everyday settlement
Combine a Commonwealth Bank merchant facility and business account, and you’ll enjoy same day, settlement, every day of the year (available on transactions made before 10pm AEST). So if you make a sale today, you’ll get paid today, even on a weekend or public holiday.
Pi is the most amazing innovation of all. In fact, we think it could change the way Australian franchises do business for ever.
Pi combines an open software platform with a powerful multifunction touch-screen device to create a new level of flexibility and customisation. By downloading apps from the Pi platform, you can tailor your device to become anything you like: a wireless payment terminal, an interactive catalogue, a loyalty program interface, and more.
Because Pi is open platform, it gives you constant access to new apps designed by a community of developers around the world. So you can make your business more productive and create an exceptional customer experience with a device customised for your brand, your customers and your products. Pi is on track for delivery to market in the second quarter of 2013. To learn more and register your interest, go to commbank.com/pi
Wade Jolly is the Acting Executive Manager for Franchise Banking Specialists at the Commonwealth Bank.
If you would like to know more, contact Wade at:
Phone: 0403 604 986