According to the World Payment Report of 2017, digital payments are expected are expected to touch 726 billion transactions a year by 2020. That’s an increase of almost 11 percent. These numbers may suggest that digital payments may replace cash transactions altogether, and the future only belongs to the new methods of payment.
However, according to the Federal Reserve Bank of San Francisco, cash isn’t going anywhere and any reports that cash will die are nothing but exaggeratios. This claim is further strengthened by Retail Banking Research, which reported 107 billion cash withdrawals in 2016, which is a six percent increase from last year.
Keeping in view these statistics and facts, one important question all businesses should be asking themselves is how these businesses will be addressing the needs of their customers who are demanding multiple payment options.
An Omnichannel Transaction System
Businesses need to be working with partners to find effective solutions to meet the demands of the customers and take advantage of the evolving digital landscape.
An omnichannel transaction system can allow businesses to adapt to and integrate most, if not all, payment methods there are. This gives a business a major advantage over its competitors, as it allows them to offer consumers a platform of various transactions that they expect from a business.
Advantages of implementing Omnichannel Transaction System
Here are some advantages that businesses can expect from by implementing an omnichannel transaction system:
One of the reasons why omnichannel transaction systems have become so important is because of the rise of ecommerce. Ecommerce is designed around providing customers with as much ease and convenience as possible, which includes multiple payment options.
Ecommerce sales accounts for 8.8 percent of the total retail sales in the world today, which is a significant number. Businesses that are moving towards an omnichannel transaction system can effectively leverage ecommerce and start offering their products and services through it.
Customers are feeling more comfortable by making purchases with their smartphones by using NFC. They are not only turning towards NFC because of easy access and convenience, but because of the enhanced security measures that it comes with, for example tokenization. By adopting these innovative and popular methods of transactions, businesses can attract more sales.
Examples of NFC or mobile wallets include Samsung Pay, Android Pay, Apple Pay and PayPal.
Gather more Customer Data
More customers also mean that a business can gather more customer data to implement in their digital transformation. A business that is not collecting customer data from different sources is effectively outdated. This is not only from a technological perspective, but in the eyes of the customer as well.
Having an omnichannel transaction system can enable as business to maintain long-term relationships with a large number of customers, rather than a few handful.
Want to learn more about an omnichannel transaction system, visit our website. We are one of the leading secure payment product suppliers in the world and have worked with some of the leading secure payment solutions provider and offer products for almost all cashless and cardless payment transactions.