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Why Retailers are Switching from Multichannel to an Omni Channel Payment Solution

August 4, 2020

Hong Kong’s e-commerce market has a huge potential and provides a huge opportunity for merchants. Although most people are still quite content with the traditional methods of payments such as using a credit or a debit card, we see a gradual shift happening. There are many online payment gateways in Hong Kong that are slowly gaining popularity. A lot of multichannel payment methods that are available today. However, more and more merchants are switching to Omnichannel payment solutions to increase their performance. Here are a few factors to keep in mind if you are planning to switch from a multichannel to an Omnichannel payment solution.

 Aligning the Back-Office Workflow

To align the back-office workflow, one must create a solid CRM system. Another important feature is managing security essentials such as PCI compliance and at the same time delivering personalized shopping experiences that will help optimize business.

Understanding Your Customers

While switching to an Omnichannel payment solution, one must understand the kind of customers and their buying patterns. Studying the customer’s purchase patterns, their likes, and preferences, optimizing stock management, and also creating loyalty programs and promotions can help the business in the long run. 

Creating a Universal Shopping Cart

One of the most important features of having an Omnichannel payment solution is to create a universal shopping cart. Regardless of how a customer logs in, be it a mobile app, website, or an in-store kiosk, having a universal shopping cart will allow the customers to have a smooth and frictionless shopping experience. 

Having Multiple POS Options

Traditionally, there was a single fixed point of sale that was used. Online payment gateways allow one to have multiple payment options giving the customers a hassle-free payment experience. Customers can be given the option to pay online, in-app, in-store, or even via wearables. 

Ensuring Secure Transactions

Not only should the transactions be easy and fast in an Omni payment solution, but they also need to be secure. To prevent fraud and scammers, one need to ensure that the PSP that they select is PCI-DSS certified and also follows all the necessary security regulations.    

Embracing new technologies could help simplify the customer’s journey and at the same time help increase sales taking you to a whole new level. Customers today are likely to have multiple touch-points with their retailers and hence it is important to make each point as seamless as possible. In today’s world, it is impossible to force a customer to stick to a single channel. The beauty of having an Omnichannel payment solution is that it brings together all the touch-points giving the customers a consistent and unified experience.