May 23rd, 2014 by Elma Jane
Before making a purchase, there are several devices that consumers may use to help them make a decision: Use a specific store’s mobile app on their smartphones. Visit the store’s website on a tablet or computer, or just pick up the phone and call customer service to ask a question. Whatever the case, omnichannel is an important buzzword for merchants.
Here are ways to ensure a seamless and secure retail experience to turn browsers into loyal buyers.
Ensure Channels Work Together
Even in historically single-channel retail sectors such as grocery, more than half of customers now use two or more channels before completing a purchase, shown in a recent study. Retailers must therefore offer both traditional and digital channels. However, before investing in the latest mobile-optimized website feature or app, retailers should learn how existing online and physical channels can together enhance the customer experience. What customers value most is not the number of channels offered, but how these channels support each other.
A merchant’s website might encourage visitors to take advantage of a special event in-store, while sales assistants on the floor can use Wi-Fi enabled tablets to access additional product information.
Help Customers Find What They Want
With Internet access ubiquitous, cost-conscious customers are just a click away from being able to compare prices and find special offers. Many take out their smartphone or tablet in stores to compare prices, a trend called Showrooming.
Online retailers can take advantage of this trend by encouraging shoppers to compare prices in-store using a mobile app. In-store retailers, on the other hand, could provide greater value through targeted offers, price match guarantees, expert advice, convenient delivery choices and personalized customer care.
Optimize The Checkout Experience
Businesses must be sure to have a quick, streamlined checkout process once they have converted an online browser into a customer or else they risk facing shopping cart abandonment. This can be done in a few steps:
1. Assess how the checkout experience can be customized for its customers. Keep the mandatory information required from new or first-time online or mobile shoppers to a minimum and shorten the process for returning customers by securely storing their payment details and other personal information.
2. Develop a dedicated mobile app or other innovative functions that can increase long-term satisfaction and loyalty.
3. Test different payment methods to find those that are most convenient for customers. These payment options may include paying with reward points, using a digital wallet or providing a digital offer or coupon at checkout. There is a balance to be found between having additional payment methods to meet customer expectations and choosing methods appropriate to a merchant’s business model.
4. Establish a one-click online checkout process. Chase for example, is currently developing a Chase Wallet and Quick Checkout solution. The Chase Wallet will allow customers to store and access their Chase cards and ultimately, any branded card for a quick checkout. It will also update Chase-branded cards when a customer replaces an existing card and use tokenization to securely process payments with select merchants.
Merchants also face the challenge of ensuring that the online and in-store checkout experience is secure, while at the same time eliminating as many false positives as possible. False positives are a hindrance to any business as they may reduce sales, increase chargebacks and frustrate customers. A quick-checkout solution may help reduce false positives because customer information is automatically populated rather than manually keyed into the checkout page.
Acquirers should also work with online retailers to provide a conditional approval code for a transaction. This code allows the fulfillment process to move forward while authentication is taking place. The additional time for a thorough authentication also helps reduce the number of false positives.
Use Data to Build Loyalty
Customers will likely return to a retailer if product marketing reflects their past purchases or interests. Therefore, taking advantage of data including a customer’s purchasing history, loyalty, behavior or social media interests may help retailers to better understand their customers as well as personalize their shopping experience.
According to a study released in March 2013, Chase Paymentech found that 32 percent of merchants use their payment data to help craft their multi-channel sales strategy and 42 percent use it to improve the online customer experience. In addition, further analysis of payment methods, chargeback rates, fraud rates and authorization rates may improve the customer shopping experience and drive overall profitability.
Posted in Best Practices for Merchants Tagged with: approval code, authentication, branded card, chargebacks, Chase, Chase Wallet, checkout process, computer, customer service, data, digital channels, digital offer, Digital Wallet, In-store retailers, internet access, Merchant's, merchant’s website, mobile app, mobile-optimized website, omnichannel, online retailers, payment, payment data, phone, physical channels, Quick Checkout solution, reward points, shopping cart, Showrooming, single-channel retail, Smartphones, social media, tablet, tokenization, transaction, website, Wi-Fi
January 30th, 2014 by Elma Jane
Some employers might think that setting limitations on things like mobile devices and Internet access is the answer to get more done during workday, but many companies have found that giving their workers more freedom and flexibility through certain policies is the key to increased efficiency.
Progressive companies are evolving their benefits programs and finding ways to drive employee productivity without breaking the bank, said Chris Duchesne, vice president of global workplace solutions at Care.com, a care provider matching service. They are providing tools to help reduce the amount of time employees spend on personal issues, giving them time back in their day that they often designated back to working.
Duchesne suggested a few policies that can be implemented to boost productivity, morale and culture among employees: Ways to improve Work-Life Balance Today
Demonstrate Leadership. There’s a trickle-down approach to how supervisors mentor. It starts with human resources departments and top executives recognizing and rewarding employees for their advances and their contributions. Public shout-outs, spot awards and profiles in regular company communications demonstrate company values and reinforce them across the workforce. The most productive companies have a policy and culture in place where the appreciation for each employee is apparent.
Some companies are hesitant to implement changes because they are concerned about costs, but these policies are often not as expensive as employers may think. Even if they do cost money, they don’t have to happen all at once.
Change happens gradually, and employers should feel comfortable implementing new work-life policies in stages. They should figure out what the actual costs will be and even have pilot programs before rolling them out company-wide. There is also a misperception that employers will have to bring on additional staff to support these new programs. You likely have existing employees who can fit these new programs into their current job responsibly. Most people are passionate about work-life issues and will be happy to help you implement new policies to make their lives easier.
In the long run, these types of benefits programs and policies can actually have a positive impact on company’s bottom line as well.
Employers lose billions of dollars each year in total productivity loss when employees take unexpected leave due to personal issues. Work-life and culture programs will be a critical differentiator in the new workplace and have the ability to drive innovation, creativity, loyalty and increased productivity.
Encourage breaks. Creating mandatory fun sounds like a contradiction, but celebrating birthdays, allowing budget for team lunches, holding quarterly group activities or even having a beer or snack cart for random holidays can boost team spirit and culture. A break for forced fun can reduce mental fatigue, increase collaboration and morale, and offer employees the opportunity to clear their heads.
Provide flexible work options. With respect to both work schedule and work location, as long as work gets done, it shouldn’t matter where or when it was accomplished. Recent Gallup research found that employees who work remotely even part of the time are both more engaged and more productive. If it’s possible for your employees to complete their tasks outside the office, give them the option to do so.
Reduce stress through family-care programs. Help employees manage their personal and professional lives with programs and services that help them address the most pressing and stressful needs in their lives, their families. And it’s not just about child care, either. Think about how you can help them take care of their aging parents, their pets and their households, too.
Posted in Best Practices for Merchants, Small Business Improvement, Smartphone Tagged with: boost productivity, communications, employee productivity, freedom and flexibility, human resources, implement, internet access, leadership, Mobile Devices
