May 17, 2020
Average Read Time: 3 minutes
Businesses today need modern omnichannel fintech stacks to fuel growth and stay ahead of the competition. Nothing is more important than ensuring all the bases are covered with technology that creates seamless, frictionless, and consistent customer experiences across all sales channels and borders, anytime—day or night—from any device, anywhere in the world.
What is omnichannel commerce? We’ve got that covered in our overview of omnichannel and multichannel commerce.
Today’s market demands an omnichannel approach and has the potential to generate significant rewards, such as increased sales and deeper customer relationships. Businesses should think of the buying process as one unified customer experience with their brand, whether in the office, on the go, or at the computer.
Recent IDC research indicates that customers using multiple channels have a 30 percent higher lifetime value than those who buy using just one channel. Bain & Company reports that businesses with a customer experience mindset drive revenue 4 to 8 percent higher than the rest of their market peers. And a Gartner survey confirms a new business battlefield, with 89 percent of companies expecting to compete mostly on the basis of customer experience.
Traditional point-of-sale terminals, mobile card readers, virtual terminals, e-commerce websites with shopping carts, hosted payment pages and more—it’s a lot to get up and running and working harmoniously to create seamless, frictionless experiences customers desire. Check out our post, Why You Should Add an E-commerce Website to Your Business, for more information about creating a seamless customer experience.
With a confusing array of fragmented payment technologies from different providers, complex integrations, and reconciliation nightmares, it’s no wonder why businesses struggle to fully realize the benefits of an omnichannel approach. However, businesses that seize the right mix of options boost brand reputation, enhance customer loyalty and increase revenue and profits.
That’s where the value of bundled omnichannel commerce technology from a single provider comes into play. Channels, customers, and payments are connected seamlessly—complexity eliminated. There’s no need to piece together offerings, learn multiple systems, deal with multiple vendors, or consolidate disparate data. Everything is handled from start to finish all in one place, with just one provider—friction eliminated.
Additionally, bundled omnichannel technology tokenizes payments data to recognize customers on any channel and simplifies payment and refund processes. And consolidated payments data across all channels provides deeper insights into customer behaviors, enabling businesses to deliver relevant, personalized and convenient experiences that build loyalty.
The Bottom Line: When businesses tap into the value of bundled omnichannel commerce technology, they are better positioned to out-innovate and out-execute the competition, and ultimately deliver superior customer experiences.
Click here to learn more about our Business Essentials bundle solution.
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