Think ‘experience’ not ‘channel’
Consumers are driving unification of online and physical platforms and retailers must take their lead.
Commentry by Raja Ray, Verifone.
The traditional linear approach to retailing – a distinct customer journey through a specific channel – is now dead. Today’s smart devices and mobile internet have not only disrupted conventional models, they have transformed them forever. Control has irreversibly shifted to shoppers, who now carry retail access with them wherever they go.
Shifting expectations
In fact, up to 50% of European retailers’ online traffic now comes from mobile devices and 51% more Europeans will use a mobile payment app in 2015 – even before the introduction of Apple Pay. It’s also why nearly three in ten retailers have seen a boost in customer loyalty after deploying in-store customer Wi-Fi .
As retail expectations change, one thing is clear – shoppers don’t ‘think or care’ about a retailer’s channels, to them they are just extensions of one ‘retail brand’. It’s all about who offers them the most convenient access, the biggest choice and the best price.
Today’s consumers are just as likely to browse, search and even purchase, via their mobile, in-store as they are out-of-store. Retailers are responding to this by increasing development and access to services that cross channels – from click and collect, currently used by 73% of UK online consumers , and digital promotions to beaconing and in-store tagging and text alerts.
Implementing unified digital and physical processes, however, is complex, time consuming and challenging. Many legacy retail payment systems were provisioned for single channels only, making them difficult to integrate with new channels and emerging services- like trying to stitch leather to silk. It often makes sense, therefore, to switch to a fully integrated omni-channel platform.
Ensuring omni-channel success
So what differentiates omni-channel payments from single channel provisioning? The key lies in ‘common’ platforms. Using multi-channel gateways, systems and applications and creating services that incorporate the same security, functionality and access whatever the customer entry point.
At Verifone, we do everything we can help to help retailers optimise their systems and processes irrespective of channel. That includes providing guidance on best practice and ensuring the best operational management and support as well as solutions ranging from customised online payment pages and multi-currency, multi-channel gateways to cross border services and multimedia/NFC enabled POS devices.
But it’s not just about payments, omni-channel has to include content and value added services that ‘connect’ and engage across channels. That means open and agnostic platforms, from experienced and trusted providers who have a track record in delivering integrated solutions from a broader service ecosystem.
To overcome the complexities involved, many retailers are turning to outsourced managed services or ‘payment as a service’ using a partner, like Verifone, who is able to deliver online and ecommerce solutions as well as POS estate management and support, while simplifying PCI compliance and reducing costs.
Making every connection count
For most retailers and consumers success is more than just a ‘seamless’ experience. At Verifone, we believe that ‘joined up channels’ must go hand in hand with consistent performance, flexibility, reliability and security – only then can payments and services truly match consumer expectation. Retailers who can achieve this will be rewarded with higher returns – whatever their channel.
Raja Ray is Director of Solutions, EMEA, at Verifone, the global leader in secure POS solutions and connected commerce.
