The new iPhone will put you out of business

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Unless you've been hiding under a rock, you know that the iPhone 5 was announced by Apple on Wednesday afternoon. The device is faster and lighter than the iPhone 4S, but the main question everyone is asking is does this revolutionize the market?

The iPhone 5 failed to introduce a technology that the market has requested: NFC (near-field communication), the wireless technology which facilitates payments and short-range data transmissions." 

If you're unfamiliar with NFC, it was sparked by the idea to allow your phone to replace your wallet. I personally use an iPhone case right now that lets me store my driver's license and debit card. It's the continuation of the idea that I want a phone that also plays my music because it is one less item to carry around. 

While the iPhone 5 won't have NFC, that does not mean the Apple will not be addressing this issue. AllThingsD.com interviewed Apple VP Phil Schiller and he explained why: Apple is offering a different solution and it is coming in their next iOS update, which is set for release on September 19th.

The new App is called "Passbook" and it allows you to access your boarding passes, movie and baseball tickets, retail coupons, loyalty cards and more.

It is also time and location based, so you can access your boarding pass as soon as you arrive to the airport without searching for it. It'll also tell you if you're in the wrong terminal.

So what does this mean for your business? Well iOS 6 can put you out of business unless you adapt.

Making your business Passbook-friendly can attract smart phone users to your store. Loyalty-cards can make or break a purchasing decision in this economy for a consumer. It also allows your business to contact the consumer in ways that will drive them to your store by analyzing customer trends. 

As Schiller said in his interview with AllThingsD.com: “Passbook does the kinds of things customers need today.” It also opens the door for businesses to revolutionize the market.

If you are not looking at Passbook, your competition surely is. Are your customers with iPhones more likely to use a small local coffee shop or Starbucks? Do you want to learn the hard way?

For more on the iPhone 5 announcement, check out the video below: