If you’ve visited a retail establishment lately, you may have noticed that crowds are back in-store. With pre-pandemic levels of foot traffic returning to brick-and-mortar businesses again, merchants are evaluating the best ways to reach customers and meet new demands from the market. Many of these merchants are looking at payments to modernize their checkout and acknowledging how this impacts the overall customer experience. Some are also looking to improve or create a digital presence to attract new potential business and help retain their existing customer base. As we look to the year ahead, there are a number of strategies that in-store merchants can employ to help sustain their business amid ever-changing economic conditions, and payments technology is a key part of that.
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Employing Payment Technology
As consumer shopping behaviors continue to evolve through the expansion of eCommerce and the rise of alternative retail channels, such as pop-up events or subscription-based services, it’s become imperative for small businesses to offer the type of checkout experiences to which many people have become accustomed.
A small business can introduce a number of retail touchpoints that optimize the customer journey by implementing solutions that make the transaction process easier and faster for both customers and staff members. Take restaurants, for example, where the merchant can expand the way that customers pay for their meals. Many businesses have started using mobile point-of-sale (POS) systems that enable customers to pay for their check right at the table, with suggested tips already included.
Other solutions include the use of branded apps and QR codes that consumers can use to pay directly through their mobile devices. Along with new technology that helps makes payment processing easier, small businesses are also expanding the payment methods they’re accepting to include alternative payment methods, such as digital wallets and eCash, as well as tap-to-pay solutions to give consumers the option to pay using the most convenient or efficient method for them.
Mastering the Checkout Experience is Key
While SMBs across industries are looking to enhance their business strategy to keep up with the pace of changing customer expectations, the checkout experience overall is becoming a competitive differentiator for many. The key to mastering the checkout is to offer simple and modern approaches that help create a positive payment experience. This starts by broadening payment acceptance to include a diverse mix of solutions at the point of sale. And while many consumers prefer the use of digital payments now, merchants would be remiss to not also accept cash payments, given that many consumers still prefer the use of cash, especially for small-ticket items.
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In addition to their in-store checkout, many SMBs are working to establish an online or digital presence that works in tandem with the in-store experience they provide to customers. By offering exclusive online promotions, access to expanded product lines, as well as an online checkout that meets the payments needs of a broad customer base, merchants are optimizing their ability to drive cart conversion rates while also creating opportunities to build long-term customer relationships.
Implementing business solutions that enhance the customer journey is crucial, particularly at a time when small business merchants are identifying their next course of action to create differentiation and engage with customers in a meaningful way. By updating checkout processes and providing a wide range of payment methods, merchants are leaning into the opportunities that set themselves apart from competitors and creating a memorable customer experience along the way.
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