By Dustin Siner, Chief Revenue Officer, Agile Financial Systems
The COVID-19 pandemic accelerated an entirely new normal within the payments industry. Pandemic-related restrictions forced businesses to adapt accordingly, unveiling a retail experience where consumers had the ability to transact at any point, across multiple channels and devices, wherever and whenever they chose to do so.
Consumer expectations have now shifted altogether. Businesses and their patrons have reached an understanding that seamless transaction, flexible buying options, and convenient payment methods should be largely accessible across platforms and function as non-negotiable parts of the customer journey moving forward.
Notably, a recent Aberdeen Group report found that companies with solid omnichannel customer engagement typically retain 89% of their buyers, in comparison to 33% of businesses with weakened omnichannel customer experiences. In-store, online, mobile, point-of-sale (POS) — the ability to offer multi-channel payment options and a frictionless retail experience can lead to substantial increases in business revenue by meeting customers where they are ready to transact.
In fact, a 2022 Morgan Stanley research report found that e-commerce accounted for 23% of all retail sales globally, with totals projected to reach 31% by 2026. Modern customers obviously want a seamless shopping experience with convenience at every touchpoint, but businesses need to recognize that their longevity may rely on their ability to offer an integrated omnichannel experience — all evidence suggests that the implementation of a single effective omnichannel payment gateway platform will function more like a necessity for businesses wanting to stay competitive in the future as opposed to being a mere luxury.
With this in mind, businesses can leverage this new payments landscape to their advantage. Beyond simply incorporating various sales channels to enhance a customer’s overall shopping experience, omnichannel payment processing allows businesses to create a markedly more cohesive payment process with better customer service, an unlimited amount of scalability, and more security to protect against fraud. An all-in-one provider consolidates laborious processes for businesses into a service that can reach across a multitude of channels at a single point of contact.
Merchants should strive to provide a solution that creates a more seamless experience for them and for their merchants. Thankfully, Agile Financial System’s APEX product line delivers robust omnichannel solutions to business owners, enabling them to process payments through any medium or channel. Our solutions help businesses remove barriers to commerce and reach more customers when and where they’re ready to buy. Through our tools, merchants can provide consumers the experience they deserve. For more information, reach out to AFS (Agile Financial Systems) at go-afs.com.