Growing a business is at the top of every leader's priority list. But while some challenges and obstacles to growth are easy to identify, other hurdles may inhibit your success without you even realizing it.
Here are three barriers to growth that many merchants underestimate — and how to overcome them.
Ignore consumers' plummeting pain tolerance levels
The problem: Today’s retail consumers are conditioned by their digital experiences. They have come to expect the frictionless convenience they are used to from e-commerce in every channel, and they have zero patience for waiting lines, cumbersome return procedures, or uninformed store associates.
As the make-or-break moment of the purchasing process, the payment stage is no exception to this rule. Whether the customer pays via a payment terminal, an online payment solution, or a merchant wallet, the process must be effortless.
The fix: In order to deliver a consistent user experience and frictionless checkout at every touch point, merchants should leverage state-of-the-art omnichannel payment technologies.
With a unified platform for all your payment processing, you can streamline the payment experience across channels and geographical markets, prevent payment friction, and deliver the convenience and seamlessness that uncompromising modern customers expect.
In the city of Dijon, France, Worldline and transportation operator Keolis enable travelers to use contactless payment cards or smartphones as digital tramway tickets, ensuring a seamless journey for locals and visitors alike.
Disappoint loyal customers
The problem: You know that it costs your business up to 25 times more to acquire a new customer than to sell to an existing one, and that loyal customers also spend more than new ones. But are you able to recognize your best customers across channels?
While the value of customer loyalty programs is no longer a matter for discussion, deals, discounts, and personalized offers tend to stay in silos that operate independently of one another. In this way, merchants are missing countless opportunities to make loyal customers feel special and appreciated.
To put it this way: when your most valuable e-commerce customers step into one of your stores, will they receive the welcome they deserve and expect?
"Companies seeking to keep pace with industry leaders must embark on an omnichannel transformation—one that views touchpoints not in isolation but as part of a seamless customer journey." (McKinsey & Company)
The fix: True loyalty in the modern retail world can only be built by connecting the dots of the customer's purchase history across channels, in order to gain a real understanding of the customer's behavior and needs.
An integrated omnichannel payment platform that leverages tokenization technology and consolidates all your transaction data in one place will enable you to unlock powerful customer insights. It will also equip you with the data you need to always recognize your customers, deliver relevant and personalized offers, and capture their business wherever they are.
A leading cinema chain uses Worldline’s WL One Commerce Hub platform to extend the registration capability for its loyalty scheme, enabling customers to sign up via kiosks in movie theater lobbies and receive email updates with coming attractions and special offers.
Fail to differentiate
Attracting customers and optimizing store performance — both online and offline — is a constant challenge for merchants. In today's ultra-competitive landscape, it is not enough to deliver the right products and the efficiency and convenience customers expect. You must also "differentiate or disappear": engage shoppers with a tailored experience that makes your brand stand out from competitors.
"If retailers are to remain relevant in the fast moving world of modern retail, innovation needs to be focused on the current pain points: reducing store costs and overheads, automating processes and augmenting the workforce, and creating a more immersive and differentiated experience." (Deloitte)
The fix: Consider your options for leveraging payments to offer new services, new store concepts and new business models that engage shoppers in novel ways.
A powerful omnichannel payment platform can open a new world of growth opportunities by enabling services such as web to store, endless aisle, click & return, recurring payment, try & buy, and mobile self-checkout. By embracing available technology, you can transform the shopping experience, entice buyers, and truly differentiate your brand.
Network carrier Free uses Worldline's omnichannel payment platform to power more than 2000 self-service SIM card vending kiosks in France and Italy. Customers can subscribe and collect their SIM cards in less than 3 minutes, and the card information is used to create a wallet which the customer can use for additional purchases online.
Modern consumers expect seamless convenience, rewards for their loyalty regardless of channel, and truly engaging shopping experiences — and the bar is set higher every year.
While the current dominant payment technologies tend to operate in siloed channels, new solutions are making it possible to blend online, in-store and mobile channels into a tailored, frictionless shopping journey that will delight your customers and sustain your growth.
For example, you can easily offer in-store customers the possibility to sign up for subscription offers with automated deliveries. Once the initial purchase has been paid at the POS terminal, you can use the encrypted card data for subsequent payments.
Ready to learn more about omnichannel payment and how it can help grow your business? Schedule a free consultation with one of our friendly experts today at firstname.lastname@example.org.