There’s a huge opportunity for those who get it right, but we’d always caution that it’s important to find a partner that can offer true omnichannel capabilities, built from the ground-up.
All-in for omnichannel
The research reveals that over a two-fifths (42%) of retailers are preparing to spend on omnichannel projects this year. Top of the priority list are “buy online, pick-up in store” (BOPUIS) capabilities, followed by mobile POS and mobile shopping apps. Indeed, mobile should be at the centre of any omnichannel plans. But it’s important not to think of it in isolation — after all, the whole point of omnichannel is to provide a seamless customer experience across different environments.
This is why we urge retailers to do their due diligence on vendors, especially in the crucial area of payments. Most providers started off as either bricks and mortar, online or gateway payment specialists. But over time, many have added in new capabilities, expanding their offerings to include omnichannel. Unfortunately, the underlying platforms are often still siloed, leading to a below par service and, at worse, being forced to deal with multiple suppliers.
Optomany is one of the few payment specialists out there built from the start with omnichannel in mind. Our tokenisation capabilities offer retailers a single, unified view of the customer across all channels, providing the insight they need to grow the business and improve the shopping experience through one-click purchases, seamless cross-channel refunds and more. Tokenisation also offers highly secure payments, reducing the scope of PCI DSS compliance.
Innovating in 2019
Elsewhere in payments, it’s already been a busy year. As we predicted
at the end of 2018, there has been movement in several key areas. PayPal Credit
has now recorded $50 billion in total payment volume, with “significant” traction in the UK and Germany. It’s a trend we’re only going to see increase as retailers look for alternative financing options to attract customers. Elsewhere, WhatsApp appears to be
gearing up its plans to expand payment capabilities around the world. Messaging platforms like WeChat (Weixin) have been doing this for some time in markets like China, but it has taken a while to catch on in the West. That could change this year.
New banking regulations (PSD2) in Europe are also beginning to have an impact on the market. We’re starting to see the emergence of a new breed of fintech innovator, which could offer retailers and banks more choice. TrueLayer is one of them, recently launching an API
which supports direct money transfers from the buyer’s bank account. As we mentioned at the start of the year, this offers retailers lower payment processing costs as it bypasses credit/debit card use altogether.
The firm plans to add future dated payments, standing orders and batch payments later on in the year. By that time, it will no doubt be joined by a host of competitors, which is great news for retailers as it means more choice. A good payments partner will be able to help you run through your options and find the right mix of solutions for your business.