How to boost in-store traffic with payments?
When it comes to increasing customer flow in your store, the checkout experience plays a critical role. A smooth and efficient payment process can leave a lasting impression on your customers and significantly impact their overall shopping experience.
In this blog post, we will explore how implementing seamless payment solutions can help increase customer flow, boost sales, and drive customer satisfaction.
Offer multiple payment options
Providing a variety of payment options gives your customers the flexibility to choose their preferred method, making the checkout process more convenient and efficient. Consider the following payment options:
1.Traditional methods
In 2021, credit cards accounted for 23.9% and debit cards accounted for 22.7% of global point-of-sale transactions.
Accept major credit and debit cards such as Mastercard, Visa, and UnionPay cards to cater to customers who prefer traditional payment methods. Ensure your payment terminals are up to date and support secure transactions.
Silkpay offers convenient payment options for customers using Mastercard, Visa, and UnionPay cards, helping you enhance customers’ shopping experience and encourage a higher flow of customers into your store.
2. Mobile payments
The use of mobile wallets is increasing globally. In 2021, mobile wallet payment accounted for 28.6% of global point-of-sale transactions.
Embrace the growing popularity of mobile payment solutions like Apple Pay, Google Pay, Alipay, and WeChat Pay. These options allow customers to complete transactions quickly and securely using their smartphones, enhancing convenience and efficiency. The integration of popular mobile payment solutions not only improves the overall customer experience but also increases the likelihood of attracting a higher flow of customers to your store.
Silkpay offers convenient payment options for customers using Alipay and WeChat Pay, helping you tap into a vast customer base, particularly among Chinese tourists and locals who heavily rely on these mobile payment platforms.
3. Contactless payments
In 2021, the estimated value of the worldwide contactless payment market was USD 34.55 billion, and it is projected to grow to USD 40.62 billion in 2022.
Implement contactless payment options such as Near Field Communication (NFC), QR codes, and PayByLink. This technology enables customers to tap, scan, or make payments through a secure link for seamless, contactless transactions, reducing wait times and physical contact. This not only enhances their overall shopping experience but also attracts tech-savvy customers who prefer the ease and security of contactless transactions, further increasing the flow of customers to your store.
Silkpay offers QR code payment, contactless cards, as well as PayByLink as a contactless payment solution, helping you provide customers with a convenient and flexible way to make payments online, in-store or remotely even outside the store premises.
Streamline the checkout process
A lengthy or complicated checkout process can deter customers and lead to abandoned purchases. Simplifying and speeding up the payment process can significantly enhance customer flow. Consider these strategies:
1. Efficient Point-of-Sale (POS) systems
Invest in modern POS systems that offer fast transaction processing, inventory management, and real-time reporting. These systems streamline the checkout process and improve overall efficiency.
Silkpay offers POS terminals for different types of payment methods, including Alipay, WeChat Pay, UnionPay, Visa, Mastercard and CB. This integration ensures a smooth payment process, ultimately attracting more customers to your store and driving increased customer flow.
2. Mobile checkout
Equip your staff with mobile devices like tablets or smartphones to enable them to complete transactions on the sales floor. This approach eliminates the need for customers to wait in line and ensures a swift checkout experience.
3. Self-checkout options
Implement self-checkout kiosks for customers who prefer a more independent shopping experience. These automated systems allow customers to scan and pay for items themselves, reducing wait times and freeing up staff to focus on customer assistance.
Prioritize payment security
Security is a top concern for customers when it comes to making payments. By demonstrating a commitment to protecting customer data, you can build trust and encourage more customers to shop in-store. Consider the following security measures:
1. EMV compliance
Ensure your payment terminals support EMV chip technology. EMV cards provide enhanced security by generating unique transaction codes for each purchase, making it harder for fraudulent activities to occur.
2. Data encryption
Utilize encryption technology to protect customer payment information. This ensures that sensitive data is securely transmitted and stored, reducing the risk of data breaches.
3. Compliance with Payment Card Industry Data Security Standard (PCI DSS)
Adhere to the PCI DSS guidelines to maintain a secure payment environment. Regularly update and audit your systems to meet industry standards.
Leverage loyalty programs and incentives
Implementing loyalty programs and incentives can encourage repeat visits, increase customer engagement, and boost customer flow. Consider these approaches:
1. Loyalty rewards
Offer a loyalty program that rewards customers for their purchases. This can include points-based systems, discounts, or exclusive offers and even special promotions such as Alipay Red Packages.
By integrating Alipay into your payment system, Alipay will offer your customers random Red Packages with monetary rewards directly to their Alipay accounts. This unique feature of Alipay encourages customer retention and repeat visits, as they eagerly anticipate receiving these digital red envelopes filled with incentives.
Silkpay offers convenient payment options for customers using Alipay. By combining traditional loyalty rewards with innovative offerings like Alipay Red Package, you create a compelling incentive for customers to choose your store over competitors, increasing customer flow and fostering long-term loyalty.
2. Digital coupons and promotions
Utilize digital coupons or promotional codes that customers can redeem at the point of sale. These incentives not only increase customer flow but also provide opportunities for cross-selling and upselling.
Silkpay can help you offer Alipay coupons as part of your digital promotions, by providing customers with exclusive discounts and special offers that can be easily accessed and redeemed through the Alipay app. By strategically aligning your promotions with Alipay coupons, you can encourage customers to explore additional products or services, increasing both their average transaction value and overall satisfaction.
3. Personalized offers
Leverage customer data to provide personalized offers based on past purchase history or preferences. This tailored approach can increase customer satisfaction and encourage return visits.
Conclusion:
Optimizing the payment process is a key factor in increasing customer flow and enhancing the overall shopping experience in your store. By offering multiple payment options, streamlining the checkout process, prioritizing security, and implementing loyalty programs, you can create a seamless and efficient payment experience that drives customer satisfaction, loyalty, and ultimately, business growth. Invest in the right payment solutions, stay updated with emerging technologies, and continuously adapt to customer preferences to ensure a successful and thriving retail environment.
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
Resources:
http://www.199it.com/archives/1425916.html
https://www.grandviewresearch.com/industry-analysis/contactless-payments-market