HOW TO GAIN MULTI-CHANNEL SHOPPERS

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

Ecommerce vs. Commerce: What’s the Difference?

When someone asks what business you are in, how do you typically respond?

For many online sellers, the answer is likely I sell (name of the product), I’m an ecommerce merchant or I’m an online retailer.

Make the focus of your business your customers and its value proposition, not the fact that you sell online. It’s time to simply answer the question of what business you are in with a response that is more or less, “I am a (distributor, retailer, reseller) of (name your products) for (name your market).”

Back then, most business owners who sold products online described themselves as “ecommerce businesses” or “online retailers,” to differentiate from brick-and-mortar or catalog retailers. Most operated their own pure-play online stores. Some sold products on eBay. Amazon’s marketplace was mostly comprised of larger retailers. There’s an evolution in how e-commerce owners describe themselves.

Today, you will still hear many online sellers describe themselves as “ecommerce businesses” or “online retailers.” But, in 2014, those terms don’t really apply. Whatever you sell, you are delivering a set of products to meet the needs of a specific market. “Ecommerce” or “online retailing” is simply a technology and a sales channel.

There is now no difference between “ecommerce” and “commerce.” It’s time to get rid of the “e” in ecommerce. Most businesses participate in ecommerce in some fashion. You engage your customers in many different channels — your own e-commerce site, brick-and-mortar, online marketplaces. Regardless, you and virtually every other B-to-C or B-to-B company are selling goods to customers across those channels.

Why Worry about Labels?

Today, commerce is multichannel and highly competitive. It’s done online, on the phone, face-to-face, and on desktop, mobile, and tablet devices. Make sure your business has an omnichannel strategy, so your shoppers can find you. Make sure the information about your company and products is consistent regardless of the channel. Focus on whom your prospective customers are, what they want to buy, and how much they are willing to pay.

Business owners should think strategically. Part of strategic thinking is focusing on the bigger picture, such as having the right products and ensuring that your buyers can find them.

 Omnichannel Focus

Think about omnichannel commerce every day. Get your brand and products in front of your target customers regardless of where they are shopping. Below are some things to consider to facilitate an omnichannel strategy.

Chat and phone. If you don’t offer online chat or take phone orders, consider doing so.

Marketplaces. If you aren’t selling your products in marketplaces outside of your own online store, consider doing so.

Mobile. If you don’t have a mobile strategy, you need one.

Payment options. If you only take credit cards for payments on your website, add alternative payments like PayPal, Google Wallet, or Amazon Payments.

Social media. If you don’t have a social media presence, your market share is likely declining.

Customer Focus

Twenty-five years ago, if you asked a brick-and-mortar retailer or a catalog vendor what business she was in, she would likely respond as, say, “jewelry retailer,” “men’s clothing store,” “a department store,” or “hardware store.” She knew her target customer niche, how to reach them, and what products they wanted to buy. Those businesses that did the best job of (a) matching products to the consumer, (b) offering low prices, and (c) utilizing the right distribution likely won most of the business.

It’s time to get back to that focus. It’s more challenging than it used to be because the purchase cycles are far more complex than in 2002. There is no longer a straight path from identifying the need to research to purchase. Consumers typically identify a need and purchase intent, research products, research prices, research products further, conduct social media research, and then purchase a product and demand instant gratification and free shipping.

To be successful in 2014, commerce – not just ecommerce – requires the following.

Emphasize your value proposition. Regardless of how a shopper finds you, be sure he can quickly find out that you are a leading retailer of products in your market. Being clear on what your business is will also help establish trust with your shoppers.

Execute the 4 Ps of sales and marketing – “product,” “price,” “promotion,” and “place.”

First, make sure you know your target customers and what problems they are trying to solve or the need that you fulfill with your products. Know their demographics, their buying cycles, price tolerance, and where they research and shop.

Know your competitors.

Posted in Credit card Processing, Digital Wallet Privacy, e-commerce & m-commerce, Electronic Payments, Internet Payment Gateway, Mail Order Telephone Order, Mobile Payments, Small Business Improvement, Smartphone Tagged with: alternative payments, Amazon, brick and mortar, catalog retailers, catalog vendor, commerce, credit cards for payments, e-commerce site, ebay, ecommerce, ecommerce merchant, mobile and tablet devices, omnichannel, omnichannel commerce, online retailer, online sellers, online stores, phone orders, sales channel, sell online

Great E-commerce & M-commerce Ideas

10 Great Ecommerce & Mcommerce Ideas

 

Address Commonly-asked Questions

Instead of hiding commonly asked questions on an FAQ page somewhere on your site, display these answers in plain sight. Include your service agreement on every page, and provide frequent updates on orders in the mail, because one of the quickest ways to lose shoppers and sales is to make it difficult for them to do business with you.

Connect with Pinterest Influencers

Connect with the Pinterest influencers…accounts or boards with large followings…that relate to your product category. Ask for a pin here and there for a product you believe they would like. You’ll get large amounts of traffic, sales, and repins from their large followings. This method is repeatable and much quicker and cheaper than building a large following yourself.

Don’t Forget Comparison Shopping Engines

You’ve got a great ecommerce website. But is it hard to get traffic? Comparison shopping engines (CSEs)…like Google Shopping, Shopzilla, NexTag, Pronto, and Bing…deliver millions of shoppers to product pages every day. You list your items on the CSEs where purchase-ready shoppers will see them and click through to your site to complete the transaction. CSEs typically have a pay-per-click pricing model, and many merchants find it’s worth the cost.

Emphasize Product Photography

Whether you use high-quality renderings or actual product photography, make sure you take the time to present your products in the best possible manner. With the proliferation of product and photo sharing sites like Pinterest, The Fancy, Instagram, and OpenSky, having a beautiful product shot is imperative. Lifestyle shots of your product in use could also significantly increase conversion rates.

Make Research Easy for Prospective Buyers

Research (for buying decisions) is a massive resource cost to businesses around the world. It is also a primary reason for lost deals. Were you to provide comprehensive information that was easy to find and on which a buying decision can be made, then your close rate would substantially improve. Add to this, an easy purchasing process and, rather than scouring the web, a buyer would see your site as a preferred source.

Mimic the Brick-and-mortar Experience

Regardless of what channel they may be using to shop, online consumers are demanding the quality of the brick-and-mortar experience. They want to zoom in on a product, rotate it, change its colors…in short, they want to interact with the item as though they were physically in the same room with it. Retailers with rich interactive media that can offer this in omnichannel have a significant competitive advantage during the holiday season and can convert at rates of 30 percent higher than those that don’t.

Offer Support via Social Media

Nielson research discovered that in 2012 one-third of social media users prefer to contact a company via social media than by phone. On your support pages, provide links to your social media profiles. Set up notifications in the social media accounts so you know when someone contacts you. This way you provide timely customer support to those who want it…in the way they want it.

Stay Ahead of the Curve

“It doesn’t take a lot of time for cutting-edge to become old hat. Keep researching to be aware of the latest tools and technology. If you stay still, you will find that your competitors will quickly surpass you.

Take the ‘E’ out of ‘Ecommerce’

Retailers need to realize that the lines of commerce have been, as John Donahoe, CEO of eBay, said, obliterated. It’s no longer a world of online and offline commerce. It’s just commerce. Retailers are competing on a global scale with everyone, everywhere. You need to give shoppers a compelling reason to buy from you. Find a way to differentiate and make sure you can grab shoppers attention and keep them coming back.

Think Like a Shopper

Keep your site’s design simple and clean, make calls-to-action clear, and focus on the product. Go through the flows of your site: search, browse, and buy a product, or have a friend do it and watch him without helping. Pay attention to areas where anything is confusing, doesn’t work the way it should, or takes too many steps. Then make adjustments.

Posted in Credit card Processing, e-commerce & m-commerce, Electronic Payments, Internet Payment Gateway, Mobile Payments Tagged with: brick and mortar, buying, channel, consumers, conversion, convert, customer support, e-commerce, ecommerce, interactive, m-commerce, mcommerce, media, omnichannel, online, orders, photo, product, profile, purchasing, retailers, sales, shopping, site, social media, transaction