How Retailers Can Boost Their Omnichannel Options
For retailers today, being flexible to consumers’ needs and wants is key to surviving. Consumers expect a variety of payment options, whether it’s buy-now, pay-later installments, contactless payments in-store, or mobile options to purchase on the go. As a result, many retail companies are adopting omni-channel payment strategies that satisfy customers’ purchasing preferences while keeping their company healthy and growing.
Omnichannel Strategies That Reduce Friction
Integrated Platforms – Before the pandemic, small and medium-sized retailers worked with multiple vendors for payments, operations, fraud management, and more. Today, many merchants are switching to a single vendor that can meet all their payment-related needs in an end-to-end experience.
Finding a vendor that can offer an integrated platform is key. It reduces headaches for consumers, drives demand, and can streamline a returns process. Merchants need to find a custom solution to IT for their businesses and increasingly, they are seeking vendors that provide all other payment functions in one place.
Once merchants commit to a single payments ecosystem, they want it to handle everything. For example, in the hospitality sector, “a restaurant might expect the processor to have a shift management software, the ability to handle tips, but also delivery and other things,” according to PaymentsJournal.com. “Providers are doing their best to meet that challenge to maximize their relationships and maximize the revenue in the process.”
Reduce Friction to Drive Sales – When consumers are faced with complex payments, they often abandon their cart. Retailers who reduce the friction have a better chance of seeing a completed sale. Retailers can focus on the basics to help reduce friction. For example, smartphones aren’t the easiest devices to type on, so it’s important to have minimal forms. Providing one-click payment options is also helpful, as is storing customer information for future checkouts. And merchants still need to let customers check out as guests if they prefer.
Finally, retailers should avoid redirecting to different URLs within the payment process. Should consumers lose signal service, they would have to go back to the beginning of a long checkout flow. And that inconvenience is enough to drive them away.
Earn Customer Trust – Having payment options that customers trust can increase sales. Data indicates that 44% of consumers are more likely to trust merchants if they see their preferred payment option at checkout. In fact, many consumers won’t make a purchase at all if their preferred method is not present.
When a consumer checks out, many have decided not to purchase goods from a retailer when they do not see their payment option available to them. Consumers are longing for a seamless transaction without worrying about refund policies, chargebacks, or disputes. Preference of payment options drives trust with merchants.
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