3 reasons why merchants should take a multichannel approach to secure more customers
May 23, 2014

Now that information is readily available to the general public, patrons are making more informed buying decisions than ever before, and can do so through multiple channels. This type of flexibility can benefit a business, but if the appropriate strategy isn't in place, the an omnichannel approach won't be as effective.

The modern-day merchant needs to keep pace with fluid consumer demands, and a multichannel payment processing platform is becoming a popular avenue to remain competitive in the marketplace. Listed below are three ways businesses can create a seamless multichannel buying approach:

  1. Create a seamless experience: Traditional single-channel outlets are even beginning to see an increase in multiple conduit searches prior to making a buying decision, so merchants must would be well advised to begin exploring an omnichannel approach. It's important to establish various routes, but if they're segmented, a company won't likely see success. Enhancing the customer experience is the first and foremost priority.
  2. Provide informational resources: Consumers now research a product before buying more so than ever before, so businesses would be well advised to provide their clients with an informational outlet that helps ease the decision-making process. According to a recent GE Capital Retail Bank study, 80 percent of respondents said they research online prior to making a purchase, so companies that accept credit card payments should offer product information, comparisons and other relevant statistics that aid the customer's buying process.
  3. The check-out process must be quick and easy: Shopping cart abandonment is an industry buzzword, although it's a sore subject for most online retail platforms. A recent study released by online research firm the Baymard Institute found that the average abandonment rate over the last either years is nearly 68 percent, which is a growing concern for those involved in the payment processing business. However, that's no cause for major concern, as new and developing technologies are giving customers more opportunities to buy whenever they please. Companies can combat shopping cart abandonment by creating a quick and painless check out experience on their website, or one that doesn't give consumers a chance to change their mind, industry website PYMNTS.com suggested. Whether it's through a mobile or tablet application, or providing a one-click purchase option, a streamlined buying method is a great way to guarantee a reduction in fleeting customers.
Nexus: G-WEBCD2