Is Holiday History Repeating?
Understanding where we’ve been helps us know what to expect, and while history may not always repeat verbatim – it does tend to rhyme. Now that we’ve covered some of the most important data points from the past two holiday shopping seasons, what are the key takeaways for what’s at stake? What can a retailer do to plan for what comes next?
Well, start by asking the tough questions: was your operation prepared to make the most of mobile and BNPL payment schemes? What could you do to personalize and elevate the experience for your customers? Are you tapped into the key growth drivers that have clear evidence of performing well? How can you implement what strategies you’re lacking?
It may sound a little overwhelming, but thankfully, your Payments Architects are here to help. Here’s five areas to focus on that will keep your business rush ready and spreading the holiday cheer, even when sales are at their peak:
Provide Payments with a Preference. It’s no secret that a vital ingredient to a positive shopping experience is the power of choice. Your customers want to shop with you on their terms and in the ways that are most convenient to them – and that applies to both physical and digital storefronts. Offering your customers advanced payment methods (APMs) at checkout allows them to pay for your offerings how they choose, adding a layer of personalization to your checkout experience. Plus, the data shows that customers enjoy the flexibility of Buy Now, Pay Later (BNPL) especially during the holidays, so making sure APMs like Affirm or Klarna are integrated is key.
Our APM platform is easy to manage and only requires a single integration. After that? Adding new payment methods is like flipping a switch and won’t require costly or timely new integrations. We make implementing BNPL alternatives and other APMs a breeze, which leads to higher conversion rates and boosted basket sizes. BNPL options can even help retailers reach new demographics (like millennials and Gen Z), making APMs the gift that keeps on giving for retail merchants everywhere.
Offer eCommerce That’s Engaging and Effective. When shopping online, your customers want a buying experience that is easy to navigate and caters to their tastes. Choppy web pages that consistently redirect customers through multiple pages makes it difficult to secure the sale, leading to abandoned carts and missed opportunities. It’s also important to shape an engaging experience that fits the platform your customers want to shop on. Remember the insights on smartphone holiday shopping? The data shows it pays to personalize the experience, so don’t miss the opportunity to do so.
We help merchants optimize conversion rates for their online businesses with a variety of eCommerce integration options. From secure hosted checkouts requiring little to no development knowledge to fully customizable webhooks and third-party connectors, we provide merchants with the tools they need to shape smooth, personalized and powerful experiences for their customers every time. We also specialize in Conversion Rate Optimization (CRO), helping our eCommerce merchants make the most of their web checkouts and calibrate the details to meet customer preferences.
Fortune Favors the Frictionless. For merchants that rely on brick-and-mortar operations, the best thing to do is ensure the shopping environment is fast, easy to navigate and reflects customer expectations. Nobody wants to wait in long lines or spend forever at the checkout counter – especially during that time of year when everyone is shopping at the same time. Ensuring a fast, friendly, and frictionless checkout experience should be a top priority for any retailer that thrives on in-store sales.
Our devices are as dynamic as they are dazzling, and they’re designed to delight your customers at every turn without slowing them down. We offer a variety of vibrant and engaging self-service kiosks to give your customers frictionless alternatives, and our fleet of mobile devices empower your employees to become line-busting pros and check customers out before they ever join a queue. Now during every holiday season, you can give your customers the greatest gift of all – a pleasant shopping experience – by partnering with us for all things payments.
Keep Hardware Holiday Ready. It should come as no surprise that keeping all devices in peak condition is critical for the retail rush. Merchants that have a robust device management platform to monitor and track device health at all times ensure they can expect the unexpected – and address any concerns long before they devolve into a nightmare before Christmas. It also pays to have a partner that can handle the logistics for installations, repairs and replacements at a moment’s notice, minimizing downtime and maximizing seamless operations when it matters most. Having a partner like Verifone means peace of mind – even during the most wonderful (and admittedly hectic) time of the year.
Benefit from Borderless Commerce. For retailers that double-dip in physical and digital sales channels, the best thing to do is learn how to make those channels work together to serve customers more effectively. Offering services like Buy Online, Pickup In-store (BOPIS) and Buy Online, Return In-store (BORIS) reduces friction for your customers when receiving or exchanging their goods during the busy shopping season. Endless aisle kiosks are a great way to give physical shoppers a touchpoint to browse digital goods and sales while shopping in-store, and curbside pickup remains a strong option for customers looking to avoid the crowds altogether while shopping your brand.