As the retail industry prepares for the biggest shopping season of the year, many merchants are responding to consumer concerns about high inflation and product availability by offering deals and promotions on holiday inventory earlier in the year.
The expectation is that consumers will focus on starting their holiday shopping earlier than usual to offset price volatility and shipping delays, according to a report from McKinsey & Company. To maximize holiday sales and successfully manage consumer expectations, online and in-store merchants will need to focus on creating a frictionless customer experience. Providing quick and easy checkout options can help retailers maintain a competitive advantage as the demand for broader convenience grows and new payment methods become increasingly popular.
Payments can mean differentiation in competitive markets
Even as prices continue to rise and consumers look for ways to control their spending, leveraging a mix of payment options will enable businesses to operate more efficiently while meeting consumers’ payment needs. Working with a reliable payments partner is key to helping merchants understand the best POS (point-of-sale) technology available for their business. How can merchants leverage payments to make the most of this holiday season?
Providing quick and easy checkout options can help retailers maintain a competitive advantage as the demand for broader convenience grows and new payment methods become increasingly popular.
- Leveling up POS systems to accept multiple ways to pay. As most clients appreciate a quick checkout, having a payments system that is reliable and can quickly process all payment methods will make a difference when customers are lining up or making multiple online purchases simultaneously.
- Embracing contactless technology wherever possible. Many customers and businesses find solutions such as 'tapping to pay' to be faster, ultimately speeding up the transaction process and eliminating friction.
- Implementing self-service kiosks, QR codes, and the option for shoppers to pay ahead amid an ongoing labor shortage can help speed up the checkout process without overwhelming staff members.
- Leveraging the data. Best-in-class payment systems also offer merchants detailed and custom reporting, providing insightful and actionable intelligence that can be leveraged for loyalty and marketing campaigns.
All indications hint that consumers are still looking forward to spending this holiday season despite concerns about rising inflation and economic uncertainty. By establishing a balance between technological innovation and personalization, merchants can focus on creating an enhanced customer experience while driving sales this shopping season.
‘Tis the season of sales and the surge in payment processing
By Afshin Yazdian, President - Merchant Solutions, Paysafe
Afshin joined Paysafe in July 2020 and leads the company’s Global Merchant Solutions team focused on providing processing solutions to hundreds of thousands of merchants around the world. Afshin brings extensive leadership experience with FinTech organizations. Before joining Paysafe, he held the role of President and CEO of New York-based Cynergy Data until its merger with Priority Technology Holdings in 2014, where he continued as President of the combined companies. During his tenure at PRTH, Afshin grew the organization into a top 10 US Processor and helped lead the company’s listing on the NASDAQ exchange. Earlier in his career, Afshin was a co-founder and Executive Vice President and General Counsel of iPayment, Inc., also leading the growth of that company into one of the top payment processors in the US and a listing on the NASDAQ exchange in 2003. Afshin has also sat on the boards of several other FinTech organizations during his career.