Over the past few years Australians have been slowly becoming more and more cashless as a society. This has had a lot of impact on a number of different areas and industries. One area that many may not be aware of is shopping centres.
Shopping centre landlords and tenants are now beginning to understand the cashless society and are gearing themselves for the next big stage when ATMs are removed. The process of removing a significant amount of ATMs from shopping centres can seem like a very challenging task, however, many experts believe that this will pay off long term.
When customers use their card as opposed to cash, retailers and shopping centre owners will gain more information about them. As well as this, it becomes much easier to identify any trends and track the spending of customers.
In recent years, retail has seen such a dramatic increase in competition. In order to beat the competition it is important that retailers understand as much as they can about their customers. Therefore it is vital, in this digital era, to track big data. By tracking big data, retailers can identify customers’ wants and needs as they occur.
The use of ATMs is slowly declining every year and on top of this, most businesses will take card payments, with only a few (usually small food retailers) providing a cash only method of payment.
As the demand for ATMs falls so does the need to have a large number across the country and this is represented in the fact that ATMs are being removed from shopping centres. This is because ATM providers and the major banks are deciding not to renew their lease with a shopping centre.
Any retailers that don’t have an effective card system in place need to seriously consider resolving the issue, and fast. As CommBank’s Retail Therapy Study shows, 3 in 4 people prefer using their debit or credit card over all other forms of payment.
The future is now, and the digital world is here! Many experts believe that eventually the world as a whole will operate as a cashless society.