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Are you ready to offer new shopping experiences with your payments technology?
In a fireside conversation at Cross Talk2022, Jennifer Polumbo from Oracle Retail, Solution Manager, Omnichannel, sat down to talk with Matt DePascale (VP Unified Commerce Sales), about how customers’ expectations for convenience have made pandemic retail trends permanent. Retailers who want to retain and win customers over the long-term are not going to be able without services like mobile checkout, BOPIS and BORIS, as well as contactless payments. Here are some key takeaways.
Pandemic solutions raised customer hopes
According to Adyen’s latest survey, 61% of respondents from 26 countries felt that, if retailers could sell through multiple channels during the pandemic then all brands should have the same flexible approach in the future.
Ten years in the future, payments innovation was accelerated by the pandemic. Trends are still being established. Certain demographics weren’t as familiar with current payment trends and had to adjust. DePascale stated that customers want a seamless experience regardless of where they purchase from.
No matter if your sales are in-store or online, you can be certain that customers research, consider, and purchase on both. They will not compromise on brands that aren’t delivering. 70% of consumers won’t shop online with or continue shopping with companies that provide poor customer service, whether in-store or online.
Mobile technology revolutionizes checkout experience
Improved payment experiences for customers and associates, such as contactless and mobile checkout, can help reduce cart abandonment and bust lines during busy seasons.
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Retailers need to redesign the experience of store associates. This includes equipping them with modern, more efficient technology that will bring them closer and simplify the customer journey. Store associates will be able to interact with customers using a single mobile POS device and payment devices. Customers can also pay in multiple ways.
Adyen collaborated with American Express and PYMNTS.com to create a report about mobile commerce. It found that 28% US consumers used their smartphones to shop in physical stores, up 24% over the previous year. 21% of shoppers who shop in-store stated that an inaccessible payment method would take them to another retailer.
This illustrates how customers’ purchasing journeys cross devices and how seamless their purchase experience is dependent on having the right payment options. This is part of an overall trend of acceleration that will continue, meaning retailers will need to adapt.
A platform that integrates seamlessly and allows for flexible payments
Retailers must optimize customer journeys with the growing number of channels available, including mobile and web.
Better technology partners allow for seamless omnichannel commerce. One omnichannel retail solution allows retailers secure online and contactless transactions and captures customer data to facilitate future interactions.
Modern and secure innovations like Adyen’s “Pay by Link” integrated into Oracle Experience allow retailers to receive funds directly from customers through a secure link that can send money through any channel. Online payments can be accepted by retailers without the need to process through their website, app or POS.
Traditional payment gateways required multiple vendors. Adyen and Oracle have made it simple with one seamless payment integration. This reduces the number of tokens, vendors, contracts, as well as time back for retailers.
Adyen reports customers desire seamless shopping across channels. However, traditional retailers don’t always have the ability to provide this. Take this example:
- 68% of consumers would prefer to shop online, but return in-store for a better price.
- Only 28% allow customers to complete transactions online or offline via their brands.
- Only 24% allow customers to return online-purchased items at their stores.
This is a great opportunity for brands to deliver the flexibility and ease that customers want.
Case Study: A global fashion retailer offers a more personalized shopping experience
Global fashion leader, Atelier XII, is embracing the latest retail technology to offer customers a better in-store experience. The retailer sells a variety of apparel, footwear and accessories online as well as in over 1,000 stores.
The Oracle Retail Omnichannel Platform allows the retailer to integrate new digital capabilities into its brick and mortar environment, thereby providing shoppers with a personalized and connected shopping experience.
It is essential that the company outfits its stores with new tech clothes to provide a consistent and authentic customer experience. Adyen allows associates to better serve customers by providing a clear view into their buying history, checking inventory for shipping products to the customer’s preferred location and providing contactless payments.
The retailer upgraded its instore systems to Oracle Retail Xstore POS. The retail POS integrates seamlessly with Oracle Customer Engagement. This gives associates a 360 degree view of the customer’s order history and loyalty information. This allows them to make better buying decisions and provide a better customer experience. Oracle Retail order broker gives associates access to inventory from anywhere in the world. This allows them to ship items quickly wherever they are needed. Oracle Retail Consulting was responsible for the implementations.
The retailer now accepts contactless payments through the Adyen-powered POS. This integration uses the Oracle Payment Interface (OPI). It allows retailers around the world to access Adyen’s global payment platform without having to create a complicated integration project. The implementation with Adyen & Xstore was completed in just a few months by the Oracle Retail Consulting team. Adyen is part of the Oracle Partner Network (OPN), and one of our Oracle Validated Integrations.