As omnichannel experiences improve, it’s time for merchants to level up – again

As the boundaries between traditional sales channels dissolve, merchants, providers and financial technology companies are innovating at breakneck speed to provide customers with unified experiences. But what does an excellent omnichannel experience look and feel like?

When commerce is unified, shoppers move smoothly across channels. You offer the same experience whether they’re shopping in your store, from their sofa or even via augmented reality. You know who they are, what they want and what makes them tick. Your offers are perfectly timed to the rhythm of their lives and preferences, so they feel like you know them on a personal level – and you do.

At least, that’s the idea.

The reality for retailers is that it can be hard to know where to invest first and which technologies and integrations will move the needle.

“Retailers who provide subpar omni experiences may find themselves left behind.”

“This is a stake-in-the-ground moment for merchants,” says Silvia Mensdorff-Pouilly, senior vice president of business development in Worldpay’s EMEA region. “Retailers who provide subpar omni experiences may find themselves left behind as frontrunners invest in customer-centric operations like cloud-based systems, modern Android terminals and better connectivity right across their physical and digital estates.”

Stores are still critical

Despite digital transformation, nearly 80% of shoppers still visit physical stores. The key now is how seamlessly these experiences connect with online interactions. Today's shoppers might accumulate loyalty points online to spend in store, research products digitally before trying them physically and expect a personalized service based on their purchase history.

Modern Android-based payment terminals are revolutionizing in-store operations, offering streamlined functionality that goes far beyond payment processing.

“Android payment terminal adoption has been rapidly increasing globally due to advances in technology and more demanding consumer behavior and merchant needs,” says Dane Murphy, senior product director at Worldpay. “Increased versatility and customization in store, and the drive to all-in-one payment device experiences are leading to more seamless and enhanced experiences for today’s customers. This means merchants benefit from faster access to innovation and more efficient operating costs.”

SoftPOS and the ability to tap to pay offer further flexibility by enabling payments through mobile devices using near-field communication. This is particularly valuable for pop-up events, queue management and specialized services within larger retail spaces, from high-value luxury purchases that require a VIP experience to ancillary services like nail booths or clothes rentals.

In-store payments should be underpinned with the right approach to redundancy, quashing any possibility of downtime due to connectivity issues. Offline processing and cellular connectivity should be considerations as a result, so you never miss a payment.

Data-driven insights power success

In an advanced technological environment, with competition rising and more considered spending from shoppers, omnichannel commerce is increasingly fundamental to retail survival.

The power of omnichannel lies in unified customer insights. When you capture interactions across every point of contact, you gain invaluable intelligence about individual preferences, shopping behaviors and lifecycle patterns. A single token allows you to track customers across channels, ensuring you’re with them all the way, whenever they’re ready to take the next step.

Consolidated data and reporting provide access to a single view of customers. As well as creating business efficiencies, this unified information enables you to make more informed and personalized decisions. You can:

• Understand which channels each customer prefers.
• Predict next purchases based on behavior patterns.
• Deliver personalized offers at optimal moments.
• Build targeted campaigns across email, text, push notifications and in-store experiences.

The result? Bigger basket sizes, improved customer retention and increased lifetime value.

Security and trust are paramount

As payment experiences become more sophisticated, security must also be optimized. Good omnichannel propositions will offer multiple payment options wherever the customer is shopping from, including cards, digital wallets and flexible payments, while maintaining the highest security standards. Encryption, tokenization and biometric authentication protect sensitive data across channels and improve authorization rates, while AI-driven decisioning ensures the good’ transactions are successful and reduces false positives.

Omnichannel payments require the most up-to-date information to be reflected across channels, updating expired cards and credentials everywhere, so it’s easier for customers to move from one place to another without it disrupting their shopping experience.

“... This means greater customer satisfaction, increased loyalty – and often higher sales.”

“By making it easier to switch between channels, for example by allowing customers to pay online and pick up in store, retailers build lasting trust,” says Renan Le Bot, sales director, Cartes Bancaires. “For retailers, this means greater customer satisfaction, increased loyalty – and often higher sales.”

The future demands action now

Leaving behind physical or legacy systems for the next era of omnichannel in the cloud may seem daunting due to the investment in technology needed, but the benefits are all-encompassing, allowing retailers to drive value at speed, everywhere their customers are.

Customer journeys now begin in new places. Shoppers research products online, consult AI tools for recommendations and make purchases through social media. However they discover you, though, their expectations remain the same: a unified, easy and memorable shopping experience.

“In today's fast-paced digital landscape, customers expect to interact with brands effortlessly," said Barry Stearn, vice president of FreedomPay. "By getting omnichannel right, businesses can meet these expectations and build stronger relationships, foster loyalty, and drive long-term growth."

The choice is clear – evolve with customer expectations or watch competitors capture market share. The technology exists, the customer demand is proven, and the competitive advantage awaits those bold enough to embrace it.

How Worldpay can help

If you’re thinking of levelling up your omnichannel proposition, including moving to cloud-based systems, we’re here to help. Worldpay helps retailers to provide a connected payment journey across channels through an end-to-end solution for acquiring, gateway, terminals and deployment. Find out more or get in touch.