Why retailers need to get real: Gen Z prefers in-store experiences
Retail is transforming. The growth of in-store sales is slowing, while ecommerce sales continue to soar, expected to reach $632 billion in 2020.
So, is this the end of the bricks-and-mortar store? Well, apparently not. A look at the activity of originally online pure-plays tells a different story.
欧洲杯2020赛程We're increasingly seeing ecommerce businesses like Amazon, Sonos, and Bonobos opening stores. And with great success.
The store still plays a crucial role in the buyer journey.
So what’s going on?
欧洲杯2020赛程These online-first businesses realize that the store still plays a crucial role in the buyer journey.
It lets them establish a stronger emotional connection with their shoppers. They achieve this by offering a full sensory experience that's impossible online.
And, with no legacy systems tying them down, these retailers can start from scratch.
They have the freedom to build the in-store experience around the expectations of today’s shopper.
The next step is to connect their online and offline channels. They can then provide channel agnostic experiences, which redefine the shopping experience. Think AmazonGo.
Of course, all this looks great. But most retailers have established bricks and mortar stores and separate ecommerce businesses.
In this case, what's a good omnichannel approach and where should you start?
欧洲杯2020赛程There's a lot written about omnichannel retail strategies and how to serve omnichannel shoppers.
欧洲杯2020赛程But for many retailers, the journey to omnichannel can feel like a huge task.
You’re faced with consolidating fulfillment. You have to integrate in-store POS systems to online commerce platforms for CRM.
欧洲杯2020赛程You have to synchronize order management and stock management. And, internally, you have to unite in-store and ecommerce teams, who may be meeting for the first time.
欧洲杯2020赛程We understand that, amongst all this complexity, payments is a small part.
欧洲杯2020赛程But in fact, payments holds the key to a wealth of benefits. And they can help you increase your omnichannel sales now.
Below is a mock-up of what you can achieve with omnichannel data.
欧洲杯2020赛程Card data (in this case from a store in Manhattan) is analyzed over a period of time.
It's then used to create a heat map to show in-store shoppers’ online activity.
Weekly reports will keep you informed of the international reach of your in-store shoppers. You can see how many are from Europe, how many from Asia, and so on.
欧洲杯2020赛程For example, to make it easy for Chinese shoppers to buy in store you can support Alipay and WeChat Pay. Adyen also has a direct connection to UnionPay both online and in-store.
欧洲杯2020赛程And this is just the beginning ...
With omnichannel data, you can build a unique identifier for each shopper in-store and online. You can then use this to track behavior across both channels.
The good news is that consolidating your cross-channel payments can be pretty straightforward.
"Working with Adyen for both ecommerce and point of sale clearly enables omnichannel shopper journeys."
“Working with Adyen for both ecommerce and point of sale enables omnichannel shopper journeys.” – Henri Legentil, IT omnichannel consultant, IC Group
Omnichannel payments makes it easy to support journeys that benefit everyone.
Letting your shopper buy online and collect in-store, is not only more convenient for them. It has the great side effect that shoppers may buy more when in-store. Drapers Multichannel Report found that 32% of shoppers buy more with click-and-collect.
欧洲杯2020赛程Put an end to out-of-stock issues. Serving up your entire inventory to shoppers via in-store kiosks or tablets. They can then pay for the item with an in-store/online transaction. In some cases, endless aisles can increase sales by up to 14% (Drapers Multichannel Report).
欧洲杯2020赛程This is a great illustration of a modern shopper journey. While on the move, a shopper browses items in-app and adds something to their basket.
Later, as they walk through a shopping area, the store recognizes they are nearby and notifies them that item is in stock.
欧洲杯2020赛程The personalization of an item (like engraving a watch) is typically reserved for online orders.
With omnichannel payments your shopper can buy one item in-store, and another online in the same transaction. So your shopper can leave their new handbag and have the engraved watch delivered later.
You can remove friction from the buying process. Your shoppers can shopper browse, buy, and collect the item as it suits them. While in the background payments feed into one system.
So you can track performance and drive optimization every step of the way.
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