The world of commerce has evolved significantly over the past few years, and customers now have an array of options when it comes to shopping. From brick-and-mortar stores to online marketplaces and social media platforms, there are countless ways to buy products and services. This shift in customer behaviour has made it necessary for businesses to adopt an omnichannel commerce or Converged Commerce™ approach to their commerce strategies.
In this article, we will explore omnichannel commerce or Converged Commerce™, the importance of an omnichannel strategy, and the different omnichannel payment solutions that businesses can implement.
What does it mean to be omnichannel?
Being omnichannel means having a 360-degree approach to your ecommerce strategy, where your customers can interact with your business across multiple channels seamlessly – it’s what we call Converged Commerce™. This means that customers can purchase your products and services through a wide range of channels, including brick-and-mortar stores, online marketplaces, social media platforms, mobile apps, and many more. An omnichannel approach (or Converged Commerce™) means that your business is not limited to a single way of customer engagement but rather has a strong presence across a variety of channels.
In essence, being omnichannel is all about providing customers with a seamless and consistent shopping experience, regardless of the channel they choose to shop on. This means that the customer journeys must be streamlined, with each touchpoint delivering the same level of service and quality. Converged Commerce™ or an omnichannel approach allows businesses to cater to a wide range of customers with varying preferences, ensuring that every customer is provided with a personalised and convenient experience.
The importance of an omnichannel strategy
An omnichannel strategy is becoming increasingly important for businesses, as customers are expecting a seamless and consistent shopping experience across multiple channels. Converged Commerce™ can help businesses increase customer engagement, improve customer satisfaction, and boost sales.
One of the primary benefits of an omnichannel strategy is increased customer engagement.
By providing customers with a range of channels to interact with your business using Converged Commerce™, you are providing them with a more personalised and convenient experience. Omnichannel payments via Converged Commerce™ can help to build brand loyalty, increase customer satisfaction, and ultimately drive sales.
Another benefit is that it can help businesses to improve customer satisfaction.
By providing customers with a seamless and consistent shopping experience, you are ensuring that they have a positive experience with your brand. This can help to build trust and improve the overall reputation of your business.
Finally, an omnichannel strategy can help businesses boost sales.
By providing customers with a range of channels to shop on, you are increasing the likelihood of a sale. Additionally, by making the retail experience more convenient and personalised, you are more likely to convert one-time customers into loyal customers.
Omnichannel payment solutions
One of the most important aspects of an omnichannel strategy is the payment solution that you use. There are several payment solutions that businesses can implement to make their business omnichannel.
These can be in-store payment solutions such as:
Mobile acceptance on POS – point-of-sale systems that allow businesses to accept payments from customers using a mobile device. This can be particularly useful for businesses that have a physical store but want to accept payments from customers on the go.
Self-checkout systems, which allow customers to scan and pay for their products without the assistance of a cashier. They can help speed up the checkout process and make it more convenient to buy.
QR Codes are used to provide customers with a simple and quick way to pay for products. These can be particularly useful for businesses that want to provide customers with a contactless payment option.
Contactless NFC transactions are becoming increasingly popular, particularly in the wake of the COVID-19 pandemic. NFC (near-field communication) technology allows customers to pay for products by simply tapping their card or mobile device on a payment terminal.
Alternatively, online payment solutions that support omnichannel transactions are:
Pay by link – this solution allows customers to pay for products and services by clicking on a link that is sent to them via social media or SMS. The link takes them to a payment page where they can enter their payment details and complete the transaction.
Recurring billing is ideal for businesses that offer subscription-based services. With recurring billing, customers can authorise the business to automatically charge their credit or debit card on a regular basis.
Phone transactions enable customers to make payments by calling a business and providing their payment details over the phone. This can be particularly useful for businesses that do not have an online presence or for customers who prefer not to shop online.
Becoming omnichannel with Trust Payments
Omnichannel payment solutions make it easier for customers to pay for products and services using a range of different channels, from social media to SMS and phone. These solutions are typically secure and protect customer data and payment information using encryption and other security measures.
Trust Payment’s Retail Solutions offer a range of payment options so businesses can provide a more personalised experience for their customers and increase the likelihood of a sale, as it allows more customers to purchase from them in the ways that suits them best.
From leading shopping cart integrations to fast, efficient and secure Point of Sale devices, we are available at every step in the customer journey.
Get in touch and let us grow your business with innovative online and offline customer experiences.