Optimising Omnichannel Payments: How ERA Group Can Help Businesses Navigate Complexities
In the current retail landscape, customers purchase items via applications on their mobile devices, in brick-and-mortar stores, online via their laptops, and even with a phone call. Consistently coordinating these diverse channels is a significant challenge for businesses, but optimising omnichannel payments also presents considerable opportunity.
The Complex Landscape of Omnichannel Payments
Managing these diverse sales channels presents complexities, especially when customers wish to return items acquired online to brick-and-mortar establishments. For example, if someone buys a dress on ASOS and wishes to return it because they dislike the style or it proves unsuitable, they simply post it back. However, with retailers like Next or Marks and Spencer’s, customers may prefer to return items in-store for an exchange or refund.
Managing returns presents a significant challenge. Some clients are experiencing in excess of 20% of sold goods being returned. This becomes even more intricate when customers procure multiple items but only return a select few. The process necessitates verifying that the returned items correspond to the original purchase and ensuring the same customer is recognised across both online and in-store channels.
Online and mobile payments are processed via gateways, which are third-party secure platforms designed to ensure data security and protect merchants from directly handling sensitive customer data. This system operates distinctly from in-store transactions, where payments are processed directly through point-of-sale devices. Harmonising these disparate systems is pivotal for achieving seamless operational efficiency, yet often presents considerable complexity.
We work with clients who utilise multiple payment gateways, contingent on their service offerings; for instance, a leisure company might employ different systems for hotel bookings, restaurant payments, and holiday park rentals. Assisting our clients in managing the integration of these various systems to deliver a seamless customer experience and optimise pricing is integral to our service offering. The overarching objective is to establish a frictionless purchasing process, recognise returning customers, and ensure systems function flawlessly on every occasion.
Recognising and rewarding loyal customers poses a further challenge for businesses. For example, extending discounts to repeat customers necessitates robust data management systems capable of tracking their interactions across all channels.
ERA Group’s Role in Optimising Omnichannel Payments
We have assisted leisure companies with booking systems for hotels and holiday parks, whilst ensuring smooth point-of-sale transactions within resort environments. Furthermore, we have supported prominent retailers in harmonising their online and in-store sales ecosystems, even for international operations, thereby enhancing the efficiency of returns processing and customer recognition.
In another instance, we aided a company distributing power tools through both online and physical stores. By re-engineering their operational processes, we ensured efficient and low-risk delivery of goods, improved their sales conversion rate, and optimised their fraud and risk settings. This intervention not only safeguarded against fraudulent activities but also prevented the forfeiture of legitimate sales opportunities.
Delivering Enhanced Value for Our Clients
At ERA Group, we can help with revenue improvement, not just cost reduction. We optimise fraud settings to ensure good business isn’t turned away while maintaining strong fraud controls. We also ensure all parts of the sales process, from order completion to handling disputes, work efficiently and align with customer service requirements.
ERA Group’s expertise in managing these complex systems provides clients with a streamlined, secure, and efficient payment process, enhancing customer satisfaction and loyalty.
The complexity of omnichannel payments makes it difficult for clients to review themselves. They need specialist input to stay up-to-date with market opportunities, technological and regulatory changes, which is where ERA Group excels. Additionally, we help clients understand the multiple suppliers and embedded systems they use, ensuring seamless integration and cooperation among different stakeholders like finance and marketing.
Even major corporations like Barclays or Worldpay encounter challenges when managing disparate payment teams. Our specialisation lies in facilitating a comprehensive understanding of these systems to enable seamless customer service delivery. We have supported numerous clients in enhancing their systems and sales performance whilst addressing underlying back-office complexities. Our strategic foresight and profound comprehension of these system functionalities are paramount to the provision of effective solutions.
For more information on how ERA can help your business navigate the complexities of omnichannel payments, today.
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