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Retail / Omnicommerce / Mobile Payments

The Omni-Channel Experience

Verifone
Editorial Board
Executive Summary
The Top 7 Tips for Building an Omni-Channel Strategy

Whatever route retailers take to omnichannel commerce, one thing is clear; to stay relevant, they must be on the same path as their customers. That means embracing mobile, embracing cloud services, connecting channels, and focusing on digital services. With the right tools and the right payment partner, retailers can deliver customer journeys that build positive brand experiences and keep shoppers coming back for more.

Verifone offers the following practical tips to help retailers boost their omnichannel success:

Think Holistically

Consumers think brands not channels. Your approach should reflect this. The more integration there is across channels, the more frictionless the experience for the omnichannel user.

Build Consistent Pricing Strategies

In-store prices and web prices must be the same. There is nothing more frustrating for consumers than to pay more for their goods when taking the trouble to visit a store.

Connect the Dots

Make sure your marketing, merchandising, and promotions are aligned. Customers expect the same offers, stock, and loyalty systems no matter how they buy your goods and regardless of where they shop.

Managed Solutions Reduce Complexity

Choose a managed payments platform that can accommodate all your channels and payment types. This makes integration easier and your operations more efficient. It also means you can easily roll-out new technology when it becomes available—think Apple Pay, Samsung Pay, or Android Pay. A managed payment service delivers greater efficiency and return on investment. Outsourced solutions reduce the burden on your IT teams, minimize PCI compliance, and reduce CAPEX, so you can focus more resources on other bottom line areas of your business. Implementing a managed service can reduce total cost of ownership by 25% or more.

Make Mobile a Priority

Mobile services span both physical and virtual worlds and for the consumer provide the glue that allows them to access all your multi-channels simultaneously. They can search for stock and prices while in store, make payments through NFC, or buy from home using mobile browsing and payments. Retailers should look at how to exploit mobile both in terms of consumer services and also in their own operations.

Go Alternative

Retailers who wish to be able to serve as many consumers as possible will need to review what payment methods to accept in line with consumer preferences. Right now most brick-and-mortar shops will accept cash and cards, but mobile wallets are on the rise. The same is happening in e-commerce, many online shops now accept PayPal, bank transfers, and other pay-by-app methods.

Don't Forget Physical Payment Devices

European retailers looking to invest in new payment devices—in order to achieve PCI compliance or to provide contactless acceptance—should consider upgrading to multimedia and contactless/NFC-enabled devices. This helps maximize their investment and helps to future-proof their systems, paving the way for new cross-channel services as they come online.