What is an Omnichannel Payment?
Today's shoppers can be very demanding and sophisticated when making purchases. They are looking for a more personalized and convenient shopping experience, and this goes beyond using mobile devices in their transactions.
One of the most critical factors businesses need to consider when implementing an omnichannel payment processing strategy is ensuring that they have the necessary tools and resources to provide their customers with a convenient shopping experience. This can mean accepting credit cards, digital wallets, and other forms of payment.
A well-implemented omnichannel payment processing strategy allows businesses to create a consistent and integrated experience for their customers. When people connect with a company to make purchases, they expect to see the same brand and logo throughout the entire payment process. This is where omnichannel payment processing comes in.
Omnichannel payments in a customer-centric market
The consumer landscape is constantly changing due to the increasing expectations from consumers and the emergence of new technologies. Almost half of all consumers globally now switch between physical and digital interactions with companies.
The increasing volume of data shared between retailers and customers has resulted in the need for more personalized and relevant offerings. An omnichannel payment solution can help businesses understand their customers by allowing them to view all of their transactions in one place. This will enable retailers to deliver a consistent and personalized experience.
Benefits of omnichannel payment processing
Omnichannel payment can help businesses increase their revenue and improve sales, and with the availability of various mobile wallet apps, such as Apple Pay, Google Pay, and Samsung Pay, people can now pay for goods and services using their smartphones.
The pandemic that forced retailers to implement omnichannel payment strategies also resulted in customers becoming more accustomed to using mobile devices for payments. But despite the evolution of mobile payment methods, some consumers still prefer in-person shopping. Having the necessary equipment and resources to allow customers to make in-store purchases is essential for businesses.
Unfortunately, implementing an omnichannel strategy can be very challenging for many, especially for businesses operating under outdated systems. This is because they have a variety of organisational structures that are not designed to support the effective use of technology.
According to a 2017 study by Harvard Business Review, customers spend about 4% more in person and 10% more online when merchants implement an omnichannel strategy. That being said, customers are often disappointed by the lack of consistency and coordination between their experiences.
Customers can be frustrated upon finding that a certain product is only available online or in the physical store. Ensuring wider availability allows businesses to provide customers with a consistent and seamless shopping experience. Therefore, one of the most important factors businesses must consider when implementing an omnichannel strategy is ensuring that their offerings are synchronized across both their online and physical stores.
Omnichannel payments and security
Aside from providing a consistent and seamless shopping experience, security is also a high priority when it comes to implementing an omnichannel strategy. Businesses need the right strategy to protect customers' sensitive data. A good payment processor can help retailers address these concerns and provide a secure and reliable environment.
One of the most important factors businesses must consider when implementing an omnichannel strategy is ensuring that their payment processors comply with the Payment Card Industry Data Security Standard (PCI DSS). This certification ensures that they have the necessary infrastructure and processes to protect customers' data. Additionally, it is also essential that businesses implement encryption and tokenization when protecting sensitive data.