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Why Omnichannel?

Hero Omnichannel Hero Omnichannel Placehoder
31 MARCH 2020

Have you heard the word omnichannel but haven’t really understood what it is or why you should adapt your strategy to it? Omnichannel is most easily explained as an integrated, seamless experience between multiple units and channels. So, what does this mean in practice for you as an entrepreneur?

For today's consumers, the boundaries between purchasing channels are getting more and more blurred. From being able to only pay with cash or cards in physical stores just a few years ago, shopping and payment solutions are now integrated online, in mobile phones, smart watches, exercise bracelets etc. Today, consumers expect a consistent integration across all channels and platforms, whether it is in a physical store, via mobile, mail, chat or social media. This is something that companies need to adapt to in order to meet customers’ demand.

A common buying behavior today is most often executed on several different channels. Take this example; A customer walks past your store on the street and sees a nice dress but she doesn’t have the time to go in and try it on. When she comes home, she visits your website and read more about the product but awaits purchase. Later she goes on her social media and gets an advertisement for that particular dress with the offer of 15% discount with the code NEWCUSTOMER. The customer is still unsure of the size so the next day she comes to the store to try the dress and it fits perfect. However, since she gets a discount on your website, she orders the dress directly from the fitting room on her mobile and then gets it delivered directly to her front door. If this merchant had not had multiple channels such as their website and the opportunity to pay with mobile, this customer would have been easy to lose already in step 1 of the buying process. This shows the importance of being present in several channels and being able to offer smooth and easy purchases in all channels.

Today, consumers expect to be able to buy and pay for a product regardless of location, channel and time. According to one study, 67% of consumers start shopping via one channel and finish their shopping experience on another. Thus, for consumers, shopping is the same experience regardless of channel. Companies should adopt the same way of thinking by being present in more channels and offer tailor-made payment solutions for each channel. Omnichannel consumers also tend to spend between 50-300% more than consumers who only use one channel. One study shows that companies that have an omnichannel strategy retain an average of 89% of their customers compared to 33%, which is the case for companies that do not have an omnichannel strategy. Thus, the statistics prove that a seamless experience between different channels makes a difference for you and your company.

One channel that is becoming increasingly important to be present in is the mobile. In 2020, 64% of all consumers plan to use a mobile wallet instead of an old one and by 2021, 73% of all e-commerce in retail will be generated from mobile devices. Offering flexible payment solutions for mobile will soon be a hygiene factor for companies in order to retain their customers.

But how do you get started with your omnichannel strategy? Here are a few tips:

  • Know your customers – Omnichannel strategies are all about being customer-focused. Analyze your customers, what do they need and what do they demand? What channels are important to them? Then adjust your strategy accordingly and be sure to be present in the same channels as your customers.
  • Go mobile – The mobile has become a tool that is used for almost everything, including purchases and payments. A key to attract and retain customers is to offer an integrated and mobile customized payment solution in all your channels.
  • Seamless integration and experience – Choose a seamless payment solution that is easy to integrate with your existing business and which you can use for several different channels. It makes it easier for both merchants and customers to have the same payment solution both offline and online.
  • Multiple payment solutions – By offering your customers multiple payment solutions on multiple channels, you meet customers’ demand by giving them greater choice and increased flexibility.

As a company, adopting an omnichannel strategy means being customer-focused and meeting customers’ demand. As part of this, it is important to have a reliable and flexible partner who will help you to meet your customers' needs with the right tools. Bambora offers multiple payment solutions for an efficient and seamless omnichannel experience. As a merchant you also get access to our online portal, Bambora Reports, where you can view and manage all your payments in the same system. The advantage of having all payment solutions collected with one partner is that you get a clear overview of your entire business. You can easily download reports and analyze data to see how your various payment solutions are used.

For us at Bambora, the goal is to make payments easy, both for you as a merchant and for your customers. With solid experience from a variety of industries, we help you to find the right payment solution for you and your company, which will make the payment process smooth regardless of channel. Together we create payment solutions tailored for tomorrow.