Customers love personalization. They like being seen and heard. New research finds that an astounding 91% of customers will choose a brand that recognizes and remembers them, and provides personalized offers, services, and recommendations, coupled with a seamless omnichannel payments experience. Engaged customers are also more willing to share their data in order to get a personalized experience. Another study shows that 56% of consumers are likely to shop from a retailer that offers an omnichannel shopping experience – which means a shared cart across channels and being able to reach their shopping cart via phone, computer, or even in the store. With all this demand for omnichannel, brands need to think along these lines to deepen engagements with their customers and drive sales. And adopt an omnichannel payment solutions as part of their overall payment strategy.
What is Omnichannel Payment Processing?
Put simply, omnichannel payments processing is a comprehensive approach to payments that simplifies the buying experience for a customer. Buyers today seek a fluid retail experience that is a mix of physical and digital. An omnichannel approach lets you meet the customers where they are and deliver a tailored experience. With an omnichannel payment platform, you can offer a wider selection of payment methods that can be used for in-person, in-store transactions, as well as card-not-present and in-app purchases. This includes everything from credit cards to digital wallets, instant bank transfers, or Buy Now Pay Later (BNPL).
With omnichannel payments, you can integrate multiple payment options into a single, consistent, and seamless experience for shoppers. This makes it easier for you to monitor and manage your sales and inventory, and accounts reconciliation process. A good omnichannel payments platform allows real-time data synchronization and flexibility of banking in multiple ways. Retail giants like Macy’s and Nordstrom have used omnichannel payments to understand customers’ past shopping patterns, and increased sales by offering new products, discounts, and coupons in the store, online and in apps. Used properly, omnichannel payments help you to deliver an engaging, personalized, and consistent customer journey across any shopping channel.
Why Omnichannel payments?
Omnichannel payments can boost your business and brand experience. Shoppers today are increasingly merging their online and offline retail experiences. On an average, a consumer uses six touchpoints to interact with a brand. Omnichannel shoppers also happen to spend 4 percent more in store and 10 percent more online than single channel customers.
This has been made possible with the evolution of new technology and devices. And as a result, huge amounts of data are being shared between consumers and businesses. An omnichannel payments platform gives you a single, accurate view of into the payment data of each customer. Not just this, it also helps a merchant understand their customers’ shopping behaviour – how consumers research, browse and buy products and services. As such, it becomes easier to offer a more seamless and consistent experience as a brand.
3 Key Benefits of an Omnichannel Payment Approach
Today’s buyers seek ease and convenience. And this is true for payments as well. Not only do they demand payment methods of choice, they also like consistency, safety, and a smooth check-out experience when making a purchase.
1. Seamless Payments
Omnichannel payment processing lets you keep the payment experience simple and seamless. It helps you deliver:
- a unique and personalized buyer experience
- a seamless and unified brand presence
- strong data security of sensitive customer information
- Simplicity, ease of use, and strong data safety help to build trust among your customers. This in turn helps to improve the retail experience for customers and strengthens your brand image.
2. Richer Data and Insights
An omni-channel strategy provides you with accurate financial reporting, data, and insights. Having all your payment channels in a single platform allows you to look at the bigger picture and gain better insight into buying habits and patterns, market trends, and other strategic data.
With this collective data, you can stay better connected with your clients and ensure you’re offering the best solutions as a brand, while continually investing in options that help you stay at the top of the game.
3. Better Information Exchange between Different Channels
A properly executed omni-channel strategy will:
- link all your inventory management processes, and payment processes, and connect your brick-and-mortar terminal with all online channels and more.
- allow access to customer information and purchase details in an easy and consistent manner. This makes it easier to collect, share, and manage customer data securely and across multiple systems.
- provide a consistent experience to customers as they move from one touchpoint to the next, whether online or offline.
- allow you to process payments in multiple currencies
With digital payments becoming the norm, an omni-channel approach has become more of a necessity than a choice. A business can optimize its sales potential by delivering an engaging experience. And an omnichannel payments solution helps business owners do exactly this.
Omnichannel payments also helps you save in payment processing fees and cut costs for your business. Integrated and automated data reduces the time spent in manual data digging. This way you improve your cash flow and ensure faster reconciliation.
How Can Novalnet Help?
We are a trusted global payments partner for Europe’s leading brands. Our state-of-the-art technologies and methods help you accept payments globally. From our instant payment plug-ins to our AI-based risk management tools, we have the resources to get your payments up and running in no time, and with zero hassle.
Our payment solutions cover all your payment needs. Based on your business goals, we can help you decide on the best options, guide you with the right strategy and get you going with the tools you need.
Reach out to us today to know more.
Jose Augustine is the Chief Business Development Officer at Novalnet with extensive experience in European payment industry and a knowledge powerhouse.