Marginal gains #2: Processing payments
7 Minutes
A lot has been written about the rise of omnichannel commerce, but despite all the noise, actual merchant experience in the field is scarce. So it's hard to know where to start on your journey towards a full omnichannel solution.
We commissioned Edgar, Dunn & Company (EDC), an independent global financial services and payments consultancy to demonstrate the benefits of omnichannel payments based on in-depth merchant interviews and a wealth of other resources.
The result is practical, actionable advice with real-life examples of how omnichannel payments can increase your revenue.
Endless Aisle
Losing a sale because an item is out of stock is frustrating for both you and your shopper. A solution is the ‘Endless Aisle’, which provides shoppers in-store with access to the online inventory.
One merchant reported that 90% of endless aisle sales were directly addressing an out of stock issue. And overall merchants have found Endless Aisle to increase sales by up to 14%.
Click-and-collect
Click-and-collect, also known as ‘buy online, pickup in store’, delivers extra convenience to the shopper and cost savings for the merchant.
It produces the positive side effect that customers (32% according to one survey) buy additional items while in-store. One global apparel brand saw an increase in sales close to 5%.
And in another example, during the initial phase of implementation, Jumbo supermarket chain noted that 40% of click-and-collect shoppers were new customers.
Omnichannel returns
It is important to provide your customers with the peace of mind that they can return an item easily. And in some cases this can make or break a sale.
By allowing your customers to return an online purchase in-store or via a third party, you will address a significant customer pain-point.
Additionally, bringing your customer back into the store creates another sales opportunity.
Emerging technology
Apple Pay, social media payments, mobile point of sale all of these new developments contribute to an improved shopper experience and increased opportunities for your business.
Merchants that keep on top of the latest developments will differentiate themselves from their competitors.
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