Omnichannel solutions connect physical and digital sales and distribution channels to reimagine the act of purchasing. This joined-up approach is a way to respond to changing consumer approaches by offering a seamless journey from web to point of sale and vice-versa. It is a shift that can accompany payments as they in turn adapt and diversify to accommodate “phygital” experiences. So, how did omnichannel strategies become a must-have for merchants, and what are the benefits?
Challenges andbenefits of anomnichannel strategy
Responding to new habits
Omnichannel, crosschannel, multichannel… what’s the difference?
Whereas a multichannel approach involves several separate channels and crosschannel methods concentrate on the linkages between them, the omnichannel approach goes a step further by bringing everything together. By breaking down the walls between online and in-store services, from article selection through to payment, it creates a unified, seamless customer experience.
Under this approach, web, mobile and store now fit together, forming complementary facets of an optimized customer experience. Synergy between these three aspects is now a must, rather than an option. That entails rethinking the role of the POS, so that it offers real benefits and additional services that will continue to attract consumers and boost traffic while delivering a genuine purchasing experience, which is a customer satisfaction driver.
Connected stores equipped with features such as digital stations, QR codes and digital mirrors are resolutely part of an omnichannel strategy. Click & collect and e-booking solutions fall into the same category. These use cases enable merchants to increase POS traffic while offering consumers real benefits, such as access to products or reductions that are not available in-store, or the certainty of being able to obtain the products that they are looking for.
New needs = new solutions
Consumer habits are diversifying with the rise of new information and communication technologies. French consumers spent €160 billion online in 2023 (1), up 10.5% year-on-year, in a sign of how they have embraced online shopping. With many consumers still frequenting brick and mortar stores, a neat fit is evident between online and in-store purchasing. For instance, some people now research a product online before buying it in-store. This is where the omnichannel approach comes into its own. The numbers bear this out: 58% of customers are more loyal to brands that allow them to shop both online and in-store (2). Merchants have got the message. A full 61% of decision-makers are prioritizing the development of an omnichannel strategy to maintain sales volumes at a time when purchasing power is shrinking (3).
By gathering information online and in-store, merchants can obtain purchasing preference data, giving them better insights into their customers’ expectations and habits. With this in mind, it is vital to collect data on all the different channels and ensure that they are reliable, so that the most accurate metrics are on hand to steer the marketing strategy. In this regard, the paradigm shift represented by the omnichannel approach is transforming how companies gather and analyze customer data, which they can then use to tailor solutions, optimize inventory management and customize purchase and payment methods.
Payment: at the heart of the omnichannel experience
In a commercial landscape where multichannel experiences are increasingly the norm, payment needs to keep up and adapt. Consumers expect to find the same payment procedures and options whether they are in-store, online, on their phones or using an app. This makes omnichannel payments critical to a smooth, seamless experience. Whether the consumer is checking out at the cash register or via the payment page of a website, payment has to be quick and easy to ensure that it does not create obstacles or any risk of cart abandonment. Given that cart abandonment in e-shopping is often due to concerns during payment, for example about the security of bank data transfers or simply an overly complex and time-consuming payment process, merchants must prioritize simple, secure payment solutions.
To address security concerns, some merchants are going down the tokenization route, where bankcards are linked to one-time codes known as tokens or aliases. Since each token is linked to a customer but does not divulge bank details, it may be kept by the merchant, ensuring a high level of protection for bank card data while reducing fraud risk. In an omnichannel payment situation, it functions like encrypted data and is used to reconcile phone, online and in-store payment transactions. Tokenization opens up a wealth of possibilities, including linking to loyalty cards, sending out omnichannel reminders and more. Omnichannel payments are also a treasure trove of data that may be analyzed for marketing purposes. By leveraging transaction histories, purchase attempts and average carts per channel, merchants can customize their marketing activities and maximize performance.
Oney, an expert in financing solutions, draws on this in-depth customer intelligence to help merchant partners offer a smooth and streamlined customer experience that achieves outstanding acceptance rates while ensuring payment security and reducing fraud.
Omnichannel payments are a source of customer loyalty and satisfaction. The enhanced experience has tangible benefits, including increased acquisition and conversion rates, purchasing frequency and average cart size.
Just ask Alltricks, a biking, running and outdoor specialist established in 2008. Originally a digital pure player, the brand expanded by opening physical POS to supplement its e-shopping site. To help payments adapt to these phygital journeys, Oney supported Alltricks with omnichannel solutions.
Anchoring a fluid and personalized customer experience, the omnichannel approach reinvents the act of purchasing, from product selection to payment. Omnichannel payments represent a major opportunity for companies to stay competitive while catering to new habits. And this is only beginning, as the approach is poised to embrace new technologies, from biometric payments to AI-enhanced fraud prevention solutions.
Our Oney teams are on hand to support your omnichannel strategy with payment solutions tailored to different distribution channels.
From our 3x4x and 5x12x bank card payment options to long-term financing in up to 60 instalments, our solutions cover all your needs and will help you to meet your performance goals.
(2) Emarsys, Deuxième volet de l’étude « Indice de Fidélité Client », Novembre 2022
