How to make in-store payment remind of online payment
Sponsor content is created on behalf of and in collaboration with NewStore by DigitalCommerce360. Our editorial staff is not involved in the creation of sponsored content.
The checkout experience is a watershed moment in retail. In fact, shoppers have been reported to say the checkout process is their number one issue with the shopping experience. Sure, the entire customer journey is worth doing right, but a bad checkout experience will hurt the business in several critical ways — from sales to revenue to loyalty.
Optimizing the checkout experience is not something to overlook if you want happy customers and healthy profits. By introducing innovative technology and payments into the checkout process, you can give customers the seamless end-to-end shopping experience they expect. While creating a differentiation between you and the brands that refuse to evolve.
Consumers love online payment
FTI Consulting predicts that online retail sales will reach over one trillion by the end of this year. This is a number originally projected by the company for 2025, but has been significantly accelerated by the pandemic. Aside from the pandemic, there are reasons why consumers are shopping so furiously online.
A Digital Commerce 360 survey identified aspects of the website that met or exceeded the expectations of 1,000 consumers. Although there are some things that more than 50% of consumers feel satisfied with – such as easy search functionality and inventory information – 73% of respondents like that most e-commerce sites have a checkout process. quick and easy.
Knowing that shopping cart abandonment is an $18 billion problem, brands have spent time and effort to make online finishing touches both effective and effortless. Features ranging from auto-pay population to one-click payment options make online transactions frictionless.
While there’s a lot to be desired when it comes to shopping online (and more and more consumers are doing it), we know consumers still prefer to shop in-store. So how can you make the most loved thing on websites (the checkout process) an experience shoppers also love in-store? Here are a few ways.
Simplify the point of sale of the store
Point of sale (POS) is to stores what the checkout page is to websites. However, they are not created equal. While brands have invested in creating streamlined online checkout experiences, most still run their stores on legacy point-of-sale systems. These systems are usually stationary solutions that work with credit card readers, receipt printers, and a myriad of other things (calculators, phones, etc.)
To make the in-store checkout experience feel like an online experience first and foremost, you need to streamline the point of sale. The easiest way to achieve this is to replace your traditional system with a mobile solution. There are so many benefits to a mobile POS, but mobile payment is king. Mobile payment brings the point of sale to the customer, wherever they are in the store.
Just as brands can lose billions of dollars in online sales due to cart abandonment from clumsy checkout processes, they can also lose billions in-store due to long lines. With a mobile POS, shoppers can pay when they are ready and without queuing.
Introduce easy and fast transactions
In 2021, 57% of consumers said they prefer shopping with brands that offer digital and contactless payment options. And, according to Marqeta, consumers are so interested in these types of payments that 60% feel comfortable leaving the house with a phone and no wallet.
Contactless payment methods have become essential due to their ease, speed and security. Online, the checkout experience can range from a few minutes to around 90 seconds, depending on whether the customer has saved payment and shipping information. However, with mobile POS and contactless payments, you can reduce transaction times to just 10-15 seconds.
This process has actually become even easier with the rollout of Tap to Pay on iPhone, a new feature from Apple that allows brands to accept contactless payments without the need for additional hardware. Before, you needed a mobile device, a credit card terminal, and a receipt printer to make a payment. Now everything can be done on one iPhone. For a NewStore customer, this feature reduced payment processing time by 30%.
Many hypothetical contactless payments would persist after the pandemic. Not only did they, but they also evolved with the introduction of Tap to Pay on iPhone to become more seamless than ever. And that makes for a supercharged in-store checkout experience.
Make checkout an opportunity
You need to provide a seamless checkout experience wherever customers can buy from you. However, the more people shop online, the more they will expect their in-store and even mobile app experiences to be just as fast, simple and convenient.
Nike design director John Hook once said, “Imagine the website, live. The future of retail will be less fixed, more fluid, and hyper-responsive to consumer trends and needs. »
This perspective can be immediately applied to the in-store checkout experience. With solutions and features like Mobile Point of Sale and Tap to Pay on iPhone, you can create an in-store transaction moment that matches or exceeds what your customers truly enjoy online.
Stephan Schambach is founder and CEO of New store. The company offers a modular, mobile platform that includes native point-of-sale, OMS, customer management, inventory and consumer applications designed to create incredible shopping experiences that store associates and consumers love it.