Consumer trends move fast, especially in retail. To keep up, businesses must anticipate future trends and have the necessary resources in place to meet their customers' demands.
Many retail businesses find it difficult and time-consuming to open new sales channels, introduce new technology, and expand to new regions. All of which are crucial to staying competitive.
59% of businesses believe that offering experiences to customers when shopping helps turn browsing into spending. With a payments partner that has the right knowledge and expertise, businesses can predict the consumer trends of tomorrow and access the technology needed to offer industry-leading customer journeys across all sales channels.
The return of in-store shopping in 2023
During the pandemic, there was an increase in ecommerce when in-store shoppers were forced to stay away. For many retailers, this meant quickly changing the way they serve their customers to match the sudden shift. Due to the convenience of online shopping, many businesses thought it was here to stay.
Now that we’ve come out of the pandemic, in-store payments and commerce are making their comeback. Although online shopping offers many benefits, consumers value the physical experience they get in stores.
Fortunately, one doesn’t exclude the other.
A unified shopping experience
People don’t see themselves as in-app consumers, online consumers, or in-store consumers. They see themselves as people and want the flexibility of purchasing across multiple channels.
Retailers can provide their customers with a unified experience across personal in-store experiences and seamless digital payments. A consumer can go to the store, look at the product, and discuss it with a store associate, then easily be able to buy it then and there with their preferred payment method.
A mix of digital and physical can take your customer experience to the next level as long as convenience and simplicity remain central when it comes to payments. Consumers want to be recognized across channels and receive an experience tailored to their preferences. This includes paying with their preferred payment methods and receiving flexible cross-channel experiences that allow them to order in-app and collect in person, self-scan and pay, buy online and return in-store, pay with QR-code, or pay via the self-service kiosk.
Businesses that want to stay competitive need to keep up and be first with industry-shaping innovations. This requires them to be able to predict the consumer trends of tomorrow and be ready to adapt.
How technology can help
To give consumers the experience they expect, businesses need to have the right capabilities and resources in place for when things change. This involves technology that offers industry-leading customer journeys across all channels and allows businesses to successfully deliver a combination of physical and digital experiences. 37% of consumers would shop more if they were able to receive home delivery for in-store purchases.
At Adyen, we have insights into trends and consumer preferences and strive to be first to market with new payment capabilities. Our platform covers online and offline payments, providing retail businesses with terminals and online technology that improves the customer experience.
More innovative technology allows businesses to:
Connect better with shoppers
Provide customers the payment methods they prefer
Offer quick and seamless payment experiences
Deliver flexible cross-channel shopping experiences: buy online and refund in-store, endless aisle, and shopper recognition and loyalty
41% of shoppers prefer to pay through a self-checkout. With a solution that connects transactions to individuals, businesses can build a deeper understanding of their behaviour. This helps them to provide customers with the experience they want, tailored to their preferences.
A platform built for retail
Expertise and technology are key for staying up to date and adapting to fast-moving retail trends. With Adyen, you get access to the latest hardware and software needed to offer your customers what they expect. You’ll always be one step ahead and get access to the latest hard- and software innovations when things change.
Our financial technology platform can power digital transformation for retail businesses. We use industry-wide data to give us insights into what works so we can build a solution for all businesses. Simplifying your business and consolidating your payments into one system will make it easier to introduce new technology, open new channels, and expand to new regions.
With Unified Commerce, you can take your omnichannel payment solutions to the next level by connecting your online and in-person payments on one platform. This allows you to give your customers the perfect combination of physical and digital. Connecting your data means better customer experiences and the possibility to adapt to your shoppers’ needs, providing them with faster checkouts, flexible experiences, and new sales channels.
To learn more or get started with Unified Commerce, visit: https://www.adyen.com/unified-commerce
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