How to improve the payment experience online and in-store

Perfecting the checkout experience should be a top priority for retailers. Why? According to Salesforce’s State of the Connected Consumer report, 80% of consumers care as much about the experience they get from a retailer as they do about the products and services they buy. Retailers aren’t satisfied with offering in-demand products at the right price. If the checkout experience is complicated, lengthy, and frustrating, shoppers may abandon their purchase and turn to other brands.

Since checkout is a consumer’s last interaction during the shopping process, investing in tools to optimize the checkout process can be a bigger revenue stream for merchants. However, merchants need your expertise to get these implementations right. The majority of consumers expect faster service and interactions tailored to their individual needs thanks to advances in technology. VARs and ISVs could help merchants optimize the online and in-store checkout process by combining the right technology with an optimal experience to increase ROI and build customer loyalty.

Improving the online checkout experience

To help merchants create clear, smooth and flexible online checkout experiences, consider the following tips:

• • • Less is more: Limit the number of fields consumers must fill out by only asking for the information they need. Limit data that is “nice to have” in a loyalty app and reward consumers with additional rewards.
    • Bypass account creation: Don’t require your customers to create an account to pay at checkout. This slows down the process and creates friction.
    • Transparent communication: Nobody likes to be surprised by hidden fees or additional costs. Make sure all information, including taxes, fees, shipping costs or other variables, is clearly communicated on the checkout pages.
    • Mobile is a must: In the first quarter of 2024, two-thirds of all online orders were placed via smartphones. Retailers who implement a perfect mobile checkout experience will outperform their competitors.
    • Use a hosted payment page: These pages provide the merchant with a secure way to accept online payments while providing the consumer with a seamless checkout experience. Shoppers are redirected to a checkout page that is hosted by the partner payment solution provider but is branded like the rest of the merchant’s online store. A hosted payment page limits the merchant’s PCI scope while providing its consumers with the flexible payment options they expect.
    • Enable one-click purchasing via tokenized data: One of the best ways to gain repeat customers is to give them the option to opt for one-click payment. After a first transaction, payment details can be saved and replaced with randomly generated alphanumeric values ​​called tokens that serve as placeholders for the actual data. When customers make subsequent purchases, they do not need to enter payment details again.

Improving the in-store checkout experience

Consumers who seek a seamless, personalized checkout experience online also want that same convenience in-store. Brick-and-mortar retailers can increase customer satisfaction and loyalty by following these principles:

• • • Speed ​​is what matters
      Consumers prefer immediate access to the checkout. After all, 84 percent of them have abandoned their in-store shopping at least twice in 12 months because of long lines. It is estimated that retailers lose $555 billion when customers abandon checkout lines. Technology can help keep lines short.
      • • Intuitive POS software: Graphical screens, easy navigation and minimal clicks can streamline checkout workflows. Simple payment processes and the ability to accept a range of alternative payment methods that continue to evolve rapidly are just as important as accepting traditional checks, EBT, credit or debit cards.
        • Mobile POS: Retailers need to bring the checkout experience to the customer, which can happen in the aisle, fitting rooms or front of store. By using mobile POS, retailers can provide a near-instant checkout experience right when customers are ready to buy, ensuring they leave the store feeling positive.

• • • • Offer convenient self-service options
        Consumers expect a flexible and convenient payment experience. Introducing self-checkout allows consumers to complete their purchases with less interaction and friction. However, solutions must include the right technology, including unattended payments. Make sure the software is easy to use. Calling and waiting for help negatively impacts the customer experience. Also, consider incorporating security solutions to minimize shrinkage and losses to the merchant’s bottom line.

• • • Integrate personalization
      A successful checkout experience is tailored to the customer. Whether a customer uses a self-checkout kiosk or pays with assistance, the right technology can help personalize the experience. For example, technology can help make relevant upselling suggestions. Additionally, CRM tracking can help identify loyalty program members and eliminate the need to ask current members if they want to participate or join the program. Help merchants use data analytics from their POS system to get to know each customer and customize the in-store checkout experience based on their preferences and past purchases.

The role of your payment partner

To improve both the online and in-store checkout experience, the focus must be on the checkout process. Payment is an important part of the checkout process and a payment partner that offers flexibility is crucial. Your payment partner should enable you to offer your customers the options they want, whether through traditional methods, mobile payments or click-to-buy. By ensuring these options are secure, efficient and easy to use, merchants can meet their customers’ expectations and build loyalty. If you’re ready to improve the checkout experience and offer your merchants the best options, contact Datacap Systems today.