Understanding omnichannel payment solutions
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Lockdown, social distancing and economic challenges highlighted and reinforced the customer need for a digital buying experience and omnichannel payment solutions. Merchants are looking for agile partners to help them to modernize. They expect digital comfort, connectivity, and efficiency from all retailers.
Aevi’s guide offers a thorough explanation of omnichannel payments in today’s digital landscape. It draws on global research and data to consider how retail has comprehensively changed for both customers and merchants.
Why should you read it?
- They ask what the omnichannel approach means for the entire payment chain
- They tackle the challenges retailers are facing head on
- They offer guidance and reassurance for merchants and retailers
Click here to get access to the full guide
For years everybody has talked about omnichannel’, but in truth in-person and digital channels have operated for the most part independently from each other, especially in regards to the customer checkout process.
To understand the challenge of truly merging the channels, one must look at their origins. Electronic in-person payment acceptance was introduced to merchants almost 40 years ago and has undergone only minor upgrades. Built on an analogue mindset, payment devices were developed as data fortresses, focusing only on speed and security. Though the acceptance model spread across the globe, with merchants operating locally, it saw regional variations that over time developed into the fragmented, inflexible infrastructures still prevalent today.
Now, years later, online and offline channels are merging to provide holistic commerce that promises digital efficiencies to in-store merchants and access to real customer touchpoints to digital ones.
The market is looking for a solution to this systemic challenge. Some stakeholders are looking at Android-based smartPOS systems, while others are focusing on industry standards, such as nexo, to open the in-person checkout flow. While all these solutions offer necessary and relevant steps towards a more open and agile in-person commerce environment, they all individually fall short of the bigger picture, as they are either too exclusive, complicated, or regional.
