As more and more customers prefer to shop online and pick up in-store, major retailers are shifting to meet this demand and are embracing the game-changing trend of omnichannel payments. This is significantly changing buying and payment methods, and forcing retailers into finance areas they've never been before, helping to revolutionize how consumers shop.
Whether customers are in-store, online, or on their mobile devices, when they switch from one to the next, the expectation is that their order history, customer profile information, and shopping experience will be transferred seamlessly.
Demand for convenience
Major retailers are stepping up to meet the needs of their tech-native customers with the increasing demand for convenience and flexibility. According to data from Statista, 96% of Gen Z shoppers surveyed said they shopped online once or more within the first quarter of 2023. This data is a large push factor for retailers who aim to garner loyalty from this next generation of shoppers. By adopting omnichannel payment solutions, retailers can flip the status quo and provide a flawless shopping experience that separates them from their competitors.
Post-pandemic consumer behaviors have shifted dramatically. Convenience and flexibility, however, are not the only driving forces leading to these changes. Consumer expectations have steadily increased along with the quality of the customer experience they demand. Retailers have no choice but to meet their customers' expectations or their competition will be ready and willing to do it for them. According to major retailers and banks, consumers want the ability to move seamlessly between buying channels without friction. In order to meet these needs, retailers need to pay close attention to their customers' journeys, from pre-visit to post-purchase.
Key benefits
There are several key benefits for retailers implementing omnichannel payments. One of them is the ability for customers to start their shopping journey in one channel and complete it in another. For example, a customer can browse products online, add items to their cart, and then seamlessly transition these items to a physical store to try on or pick up their purchases. This level of convenience enhances customer satisfaction and encourages repeat business. In a survey from Accenture, 32% of consumers agreed that retailers need to improve how they integrate the mobile, website, and in-store shopping experience.
Other advantages of omnichannel payments include:
● Personalization: With omnichannel payments, retailers can integrate loyalty programs and customize personalized offers for their customers. By linking customer accounts across channels, retailers can provide tailored discounts and rewards, which enhance the overall shopping experience. This not only strengthens customer loyalty but also drives increased sales and revenue.
● Data insights: Omnichannel payments provide retailers with valuable insights into customer behavior and preferences. Businesses that prioritize analyzing customer data from various channels, can gain a holistic view of their customers' shopping habits. This enables them to make data-driven decisions to optimize their product offerings, marketing strategies, and customer engagement tactics.
● Industry growth: In addition, omnichannel payments also contribute to the growth of the overall retail industry. By enabling seamless transactions across shopping channels, retailers can tap into new markets and customer segments, opening up opportunities for increased revenue and market share.
As major retailers continue to adapt to the evolution of their customer's buying habits and embrace omnichannel payments, consumers can expect an even more convenient and personalized shopping experience.
While the rise of omnichannel payments is not a new innovation, its potential in the retail industry has not yet been fully explored. For major retailers omnichannel payments have the potential to be a total game-changer and completely reimagine the retail buying experience. With the integration of advanced technologies such as tap-to-pay, BNPL, and the seamless blending of online and offline channels, the future of retail is set to be truly transformative for both consumers and businesses alike.