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CEO’s Corner

Leading the Omnichannel Charge: The Need to Deploy an Omnichannel Payment Strategy

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The payment gateway market is observing significant growth, owing to the rising customer inclination toward digital payment solutions. Find out why payment gateway modernization has become an urgent priority for businesses today!

A compelling omnichannel shopping experience is now table stakes for the survival of retailers worldwide.

In this digital age, smartphones and high-speed internet have taken over our lives, changing the way we interact with one another — even the way we shop. This is why nearly 90% of customers now demand a consistent brand experience across channels.

Think about it: When was the last time you made a significant purchase? Did you head straight to a store and pick up the first item that you saw on the shelf?

With the pandemic in play, venturing into a store might not be your first choice. Nevertheless, shopping habits have shifted to accommodate more channels.

A typical shopper’s journey may look a lot like this: You check out a product in-store, then look up the competitors’ pricing on your mobile, you then continue your research online; only to have ads follow you around the web and social media. It’s only after sifting through these multiple channels that most of us finally settle to purchase a product.

Contrary to popular beliefs, markets are no longer dominated by brands but by the whims and fancies of digital customers. Clunky shopping journeys are a big no-no — instead, a shopper’s journey needs to be kept extremely simple, regardless of which channel they are taking place on. However, the same cannot be said about payments. A connected payment experience is what remains to be conquered.

The case for a unified, cohesive payments experience

Almost one in every two E-commerce decision-makers in the US and Europe, believe that adopting an omnichannel strategy, is crucial for their growth. I have to say that they are absolutely spot on about this!

Let me back this up with some numbers:

  • The average order value is 13% and customer retention rates are 90% higher when you deploy an omnichannel strategy

One thing is for certain —be it B2C or B2B, customers today are desiring flexible buying options across channels.

They expect to interact with the brand across multiple platforms and touchpoints. This shift in customer behavior extends to payments as well, driving the need for a cohesive payment experience.

Organizations that are looking to seize the omnichannel growth opportunity must realize that the customers’ expectation for a seamless, instantaneous digital payments experience; is second to none.

This is where omnichannel payment processing comes into the picture — a connected system that is built to capture payments, whenever and however the customer decides to pay; be it via mobile, digital wallet, QR code, or even via a POS terminal at the store.

At the core of it, omnichannel payments integrate multiple payment processors to enable frictionless, consistent, and positive experiences across the entire payments landscape.

This approach presents organizations with the ability to capture payments — the moment a customer shows buying intent. On the other hand, omnichannel payments give customers the liberty to pick the most suitable payment method, from a host of options across different sales channels.

The key benefits of omnichannel payment processing

Omnichannel payments provide a great advantage for payment providers and merchants to cash in on.

  1. Unified customer experience
    Better customer experiences are a given when you take the omnichannel route. Supporting the customer’s journey as they move from channel to channel and enabling them to make payments across the board, will go a long way in winning over the customer’s trust and loyalty.
  1. In-depth customer insights
    Omnichannel payment processing amalgamates data across channels and provides merchants with the bigger picture. This collective data helps merchants gain rich insights into the customer’s shopping and payment habits.
  2. More sales
    30% of shoppers will end up abandoning their carts if they are asked to re-enter their credit card information. Having said that, when you provide a safe, convenient, and simple payment process across multiple channels — the customers are more likely to buy from your store.

Deliver exceptional experiences with omnichannel payment processing

I’d like to wind this up with a quote that I came across sometime back and has stuck with me ever since:

“Your brand is a story unfolding across all customer touchpoints” — Jonah Sachs, Author, Designer, and Entrepreneur.

Becoming omnichannel is no longer an option but a necessity in today’s hyper-connected world. Payment providers and merchants that are looking to stay ahead, must look at turning retail transactions into delightful, connected experiences.

To know about the latest insights and trends from the payments world, follow me on LinkedIn.

Opus Official

Praveen TM is a highly accomplished global payments leader with over 20 years of experience. A veteran in the payments industry, Praveen has immense wealth of insights to share in payments innovations, emerging technologies, FinTech, and financial services.

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