How to optimize in-store operations with financial technology

Brick-and-mortar is back and it’s here to stay. Our annual Retail Report found that 64% of consumers say physical stores are an important touchpoint, even if they shop with the same retailer online.

Although the demand for stores is still strong, the retail landscape has transformed. With the revival of brick-and-mortar, how can retailers keep up with trends during unpredictable future events?

Let’s take a look at some best practices to streamline in-store operations in retail today.

The checkout experience is the last touchpoint a shopper has with your retail store before they leave. And what’s better than a speedy checkout as a great last impression? By prioritizing fast checkouts, retailers provide better customer experiences and generate more sales. One way to do this is with mobile terminals.

Employees can accept payments anywhere in a store with mobile terminals like Adyen’s AMS1 and NYC1 in hand. By accepting payments with employees instead of at checkout counters, the retail experience spreads out across the floor space and away from the choke point.

“Mobile payment terminals allow retailers to create more operationally efficient and customer-friendly experiences," says Alex Rhodes, Adyen Global Head of Retail, "these solutions empower store employees to host the best in-store experience, untethered from wired terminals at a checkout counter.”

With growth come challenges. Retailers require new systems and hardware to satisfy the preferred payments of local shoppers as they expand into new demographics.

Relying on multiple systems in each demographic enhances operational inefficiencies due to a lack of consolidated reporting and reconciliation, while risking inconsistent customer experiences.

Retailers can overcome operational inefficiencies caused by their fragmented setup with a single platform solution. By uniting in-person payments with the right payments partner, retailers can increase performance and consolidate multiple systems.

Instead of allocating employees to hours of learning to manage multiple systems, retailers make more efficient use of the training budget by allowing the in-store team to become experts in their area of focus. Providing first-rate customer service.

Shopper analytics are critical to improving customer experiences. Insights based on real-time data can help retailers optimize store operations.

Opportunities include:

Let’s expand on each below.

Retailers can track individual store performance with data. Businesses get insights into the number of new or returning customers. They can also estimate returns or refunds by analyzing a single store's performance.

With data, businesses see unexpected surges with stores – like informing a particular item that’s popular with older customers. To optimize the momentum of the surge, they can move these items to convenient locations with an older population.

Payments data helps retailers establish relationships with loyal customers. 85% of consumer purchases are made in-store. Yet, most in-store purchases are entirely anonymous. Payments data reveals who the repeat customers are without the need for a loyalty program.

Similar read: 3 ways to understand customers with payments data

Customers appreciate physical stores more than ever. As the retail industry evolves and technology advances, customers’ expectations will continue to rise.

By investing in operational efficiency, retailers can modernize their systems, create an environment that sets in-store teams up for success, and give customers unique shopping journeys that keep them returning for more.

Improving in-store operational efficiency is a constant process. With Adyen’s financial technology platform, retailers can modernize legacy systems with ease, launch new systems in record time, gain insights across their entire business with real-time data, and stay ahead of trends.

We offer online and in-person payments, data, and financial management in a single solution. Learn more about Adyen, the all-in-one financial technology platform built with retail in mind.