Help merchants capture every sale by accepting all types of payments.
Every holiday season brings something different. The back-to-back holiday shopping seasons during the pandemic reinforced the importance of providing seamless end-to-end experiences to consumers trying to comply with rapidly changing regulations. Busy holiday shoppers were — and still are — looking for the easiest way to cross items off their holiday lists, including convenient ways to pay.
If merchants aren’t offering payment convenience this holiday season, they may lose customers to the competition.
Predictions for the 2022 holiday season.
The numbers suggest this holiday season could shape up as a big win for digital. Ecommerce sales are projected to increase 13.5% over last year. That compares with just 4-6% growth in overall retail sales, illustrating why providing the connected customer with an easy payments experience is essential to keep revenues coming in.
Your clients also have to keep in mind that about 75% of ecommerce takes place on smartphones. Merchants who fail to engage shoppers on their mobile devices put themselves at massive risk of losing their business to a rival who has made the effort to set up a smartphone-friendly strategy.
Another thing to consider is when the peak of holiday shopping will occur. Shoppers are searching for bargains earlier than ever. They’re not waiting for post-Thanksgiving shopping. Cyber Monday and Black Friday might still hold some allure for customers, but two years of supply chain disruption — not to mention decades-high inflation — means savvy shoppers are starting early on their holiday season gift search.
Prepare your merchants for the holiday season rush.
As November begins, your clients likely have already had some holiday season sales. Still, busier days are ahead. Help them prioritize the services and payment options that will attract shoppers to their physical and virtual stores this holiday season.
Many customers will rely on buy online, pickup in store (BOPIS) through the end of December, with 78% planning to order online and avoid shipping charges (not to mention the wait), by picking up their purchases. This option also eliminates the need to keep an eye on their mailboxes or front steps to ensure someone else won’t get to the delivery before they do. BOPIS can even help last-minute shoppers have their gifts ready for holiday giving.
Self-service and social commerce.
Another payment trend this holiday season is self-service. About 60% of consumers prefer this option, and of those shoppers, 73% like its speed and convenience while 27% opt for self-service to avoid interacting with store employees.
Retailers may also benefit from selling through social platforms like Instagram, particularly if they want to reach Gen Z. More than half (56%) of this group plans to make at least some of their holiday season purchases through social apps. Enabling payments from links embedded in social posts could help merchants finish strong this holiday season.
The importance of payment solutions that help capture every sale.
It’s more critical than ever that merchants go the extra mile right now. The National Retail Federation (NRF) observes that as inflation continues and interest rates increase, consumers are spending more cautiously. They’re mapping out their shopping strategies to stretch their holiday season shopping dollars and merchants fortunate enough to be on consumers’ lists need to deliver the experiences consumers are looking for and convert those sales.
Payment choice and convenience play a big role in customer satisfaction during checkout. Furthermore, a comprehensive payment solution allows merchants to accept every method that shoppers want to use. This will prevent them from losing sales if they aren’t prepared to accept contactless or mobile wallet payments, or whatever other form of payments their customers want to use.
Check in with your clients, discuss trends they can expect this holiday season, and help them prepare for the rush of holiday shoppers headed their way in the next few months.
