The 3 challenges of omnichannel payment for retailers

By adopting an omnichannel payment strategy, you can offer a smooth customer experience while maximizing your sales opportunities. According to Gartner, by 2025, businesses that provide a unified commerce experience will see their revenue increase by at least 20% (source: Gartner, 2023).

To achieve this, you need to consider the three key challenges of payment in your strategy: expanding sales channels, centralizing and managing all transactions, and connecting with your business tools.

The 3 challenges of omnichannel payment for retailers

Challenge #1: Expanding sales channels

Market trends and consumer expectations are pushing retailers to seek growth across all sales channels. To provide an optimal shopping experience, you must design customer journeys where different channels interact seamlessly: 20% of buyers who research online end up purchasing in-store.

Your payment solution should enable you to:

• Accept payments from customers at every touchpoint: online (via a payment module or alternative payment methods like the gift card solution offered by Global POS), in-store, and on the go (with payment terminals or the Tap to Pay app provided by Payplug).
• Offer the payment methods your customers prefer: credit cards, digital wallets, installment payments, or gift cards.

The 3 challenges of omnichannel payment for retailers

Challenge #2: Centralizing payments

When you operate multiple sales channels, both online and in-store, it can be challenging to track all transactions and financial results effectively.

With an omnichannel payment solution like Payplug, you can gain a unified, real-time view of your online and in-store payments.

This will also help you simplify accounting reconciliation with unified account statements.

The 3 challenges of omnichannel payment for retailers

Challenge #3: Connecting business tools

Managing multiple sales channels can complicate business operations. How do you reconcile results across various sales points? Which tools should you use to identify customers? What is the best way to handle different payment methods across all channels?

To answer these questions, you can rely on a suite of business tools. The most common ones include:

• ERP (Enterprise Resource Planning)
• OMS (Order Management System)
• CMS (Content Management System)
• CRM (Customer Relationship Management)
• POS software
• Payment solutions

However, these tools must communicate with each other to provide the clearest and most accurate information possible. The key challenge is their interconnection:

• In-store, the ERP and OMS are integrated into the POS software.
• Online, the CMS connects with merchants’ tools, such as OMS or loyalty programs.

However, the ultimate moment of omnichannel success lies in the payment process.

At the point of purchase, the order is confirmed, and all business data updates accordingly. In unified commerce, transaction data updates drive stock and delivery updates, as well as customer information synchronization.

This is why you need an omnichannel payment solution connected to both your CMS and POS software to ensure seamless and real-time data synchronization. This will allow you to manage your business efficiently.

Conclusion

You can rely on Payplug to support your omnichannel commerce strategy.

Beyond addressing these three key challenges, Payplug enhances payment performance by:

• Providing a smooth online checkout experience with an integrated payment page and conversion-boosting features.
• Mitigating fraud through expert monitoring and advanced technology.
• Optimizing payment acceptance, with a 96% average acceptance rate on French traffic (net) (source: Payplug, 2023).