How to Unlock the Potential of Omnichannel Payments
Fintechna
The way people shop has evolved, and so have their expectations. Today’s consumers don’t see separate channels; they see a single, unified brand. They want a frictionless journey that flows effortlessly between digital and physical touchpoints – from discovering products on social media and reading online reviews, to seeing items in-store and completing purchases via mobile apps. Delivering this cohesive experience isn’t just a competitive advantage anymore; it’s the baseline expectation.
Payments used to be a transactional necessity but now 70 percent of consumers across all generations prioritise having access to their preferred payment option when choosing where to shop. It’s a defining part of the customer experience. As the final step in the purchasing journey, the payment process shapes perceptions of your brand and influences whether customers will return. Millennials and Gen Z are especially quick to abandon purchases if their preferred payment method isn’t available.
Providing endless payment options may seem like a winning strategy, but too much choice can overwhelm customers, leading to frustration and higher abandonment rates. The smarter approach is to offer a selection of payment methods tailored to your audience, region, and industry. Above all, payments must be secure, intuitive, and seamless.
Businesses with strong omnichannel payment strategies boast an average customer retention rate of 89 percent, compared to just 33 percent for those without. Adam Ball, CCO at Prommt, discusses four strategies to unlock the full potential of omnichannel payments.