Meeting evolving consumer demands isn’t easy, but it’s possible thanks to technology and flexible, scalable, payment solutions, says Greg Liset, Head of Propositions – Payment Gateways/POS/ Security & Fraud solutions at Barclaycard.
Step one: Cater for social crowds
Did you know that checkout queues annoy 42% of shoppers? And that for an online retailer, just a half-second difference in page load time can make a 10% difference in sales? When it comes to shopping, customers don’t want to wait. And the problem is exacerbated by the rise of social media. Shoppers are increasingly ‘see now, buy now’: if they see something they like, in person or online, they want to be able to buy it immediately. That’s why social is such a powerful tool for retailers. PwC’s Total Retail 2017 report found that nearly three-quarters of consumers have interacted with a retailer on a social channel.
Interestingly, 40% of those spent more with that retailer than they would have done without the social interaction. Live-streamed experiences on social media can also be a smart way to connect with your customers. Many millennials crave live experiences and are willing to spend to get them. So if you’re set up to meet demand, technologically speaking, you could stream a live fashion show, for example, and let viewers buy clothes, shoes and accessories while they watch – with no need to switch channels and no delay.
Step two: Become truly omnichannel
Payment technology is bringing together online and offline stores. Think about click and collect – for this to work, your website, store and stock room have to work in harmony. This is omnichannel retailing described in its simplest terms. Nowadays, customers expect click and collect. In fact, it’s the third-most popular digital service in the UK. But retail isn’t about keeping up; it’s about getting ahead.
Step three: Get up to speed on the latest payment solutions
New payment technology has increased mobility (offline) and automation (online) in the customer shopping experience. Websites can pre-store payment details to make checkout quick and frictionless on any device (1-click payments) – particularly mobile, where it’s more of a hassle to enter billing and delivery details. Customers can pay for travel without even seeing the payment being taken. Digital payments can now be integrated into augmented reality mirrors. Store staff can use mobile terminals to take payments wherever the customer is in the shop. So you need to understand how online and physical shopping channels support each other. And the easiest way to stay on top of new payment options – other than to be a self-proclaimed payments geek like me – is to partner with the experts.
Barclaycard in brief
Company founded: 1966, the same year Barclaycard introduced the UK’s first credit card.
Global reach: Barclaycard is a broad international payments business. In 2015 we processed more then £293bn in transactions globally. Barclaycard is a pioneer of new forms of payment, and is at the forefront of developing viable contactless and mobile payment schemes for today and cutting-edge forms of payment for the future.
To find out about how your business can get ahead of the game, visit our online payment solutions page: www.barclaycard.co.uk/business/accepting-payments/online-payment-solutions