The customer is king. Retailers have to face the sheer limitless demands of consumers and businesses on a shopping experience of their own payment processing strategy. What should be considered?
Seen on Instagram, leaked on the go on Facebook or found in the store – customers discover products in different ways. Dealers who understand how their customers operate across all sales channels and target their offerings have a clear advantage. You can expand the shopping experience across all channels through a variety of payment options and additional services. However, with all the customer focus, they must not lose sight of cost aspects and safety standards. What factors need to be considered? And how does the appropriate payment solution support a mature omnichannel strategy?
The right networking of the channels pays off
According to an EHI study, 71 percent of consumers would like to be able to order goods online and then pick them up at the store. Traders who offer “Click and Collect” increase their sales by an average of twelve percent. Just as many potential buyers would like the introduction of “Click and Return”: A consumer orders and pays for a product online. He gets it delivered to his home and can exchange it for a try in the store. The amount will be returned to the account he used for payment – without having to bring his card with him. Such an offer not only increases customer satisfaction, but also sales by 18 percent.
Efficiency & Simplicity – the requirements for dealers
The retailer is challenged to meet the diverse expectations of consumers, brands and businesses shopping in-store as well as on the various online channels. This includes providing uniform services and opportunities for additional sales. A key factor is the acceptance of multiple payment options, so that the customer can choose at any time how he wants to pay, regardless of whether he buys in the store or orders online. Retailers should be able to offer the full range of payment methods, from bank transfer to PayPal and debit and credit card to mobile payment. In addition to the convenience but also the security is of great importance. Customers trust retailers to keep their personal information safe.
An integrated payment system – an investment in the future
On the merchant side, it is important to have a cross-channel view of all incoming payments, to efficiently handle refunds across all distribution channels, and to seamlessly integrate with the back-office system. At the same time, it is important to create a balance between revenue generation and customer expectations. Each solution must be flexible enough to meet future needs: “The introduction of a suitable mix of different payment options across all channels quickly pays off with increased customer satisfaction and optimized processes,
Understanding the Customer: Valuable insights through insightful analysis
Today, it is crucial to evaluate the diverse information that customers leave when purchasing with the appropriate analysis tools. The keyword is Big Data. Some companies are shying away from the topic, but there is enormous potential here. The right software solution turns the challenge into an opportunity for your own business. The advantages are manifold: The own work processes can be optimized in this way and the knowledge about the customer can be improved. A win-win situation for the dealer and the customer.