While the emergence of online shopping revolutionized the retail world and continues to evolve at a rapid pace, millions of consumers still prefer to shop with retailers offline. One of the factors that gives offline retailers a competitive advantage is their relatively diverse range of payment options, which include cash, credit cards, check acceptance and others. As part of a multi-channel strategy that integrates both virtual and physical shopping opportunities, retailers stand to gain a great deal by offering as many different payment options as possible.
Why Do Some Consumers Prefer to Shop Offline?
Shopping online is convenient and offers consumers a great deal of product choice. However, offline retailers have several advantages that simply cannot be replicated in the virtual world. These include:
• The ability to physically hold, examine, inspect and try out products
• Immediate in-person customer service, which makes it easier to get questions answered and learn more about the features of the product of interest
• The irreplaceable atmosphere of shopping in an actual store
• Diverse payment options, including check acceptance and alternative programs like layaway, COD check approval and Multiple Check
Payment Security is a Top Concern
Many people still feel far more secure shopping in a "brick and mortar" location, despite significant advances in online payment processing technologies and security. Providing personal and credit information online has real and perceived risks for many consumers. This alone provides offline and multi-channel retailers with a major edge over their ecommerce competitors.
Winning Strategies for Today's Retailers
Several approaches offered by multi-channel retailers are proving very popular with consumers. First, consumer research across all product categories shows that more and more people are turning to online channels to research products before completing their purchases offline. Similar trending indicates that a lot of shoppers are researching items like electronics and clothing with offline retailers before going online to actually buy them, in the hopes of finding a better price. Multi-channel retailers stand to benefit in both cases by using an integrated approach.
Strategies and sales tools to consider include:
• Maintaining both online and offline return, refund and exchange centers
• Drive-thru purchase pickup centers, where customers can buy an item online and pick it up offline
• Free shipping outlets
• Providing layaway and flexible payment programs
Shopping convenience, choice of payment methods including check acceptance, online and offline environments and personal customer service are just some of the advantages the multi-channel retailer has today.
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