As India is seeing a phenomenal change in digital transformation bought to the marketplace and payments. Modern consumers are heavily giving preferences to convenience, reliability, security, and seamlessness while performing digital transactions.
Today, customers are not afraid to explore different digital payment options, right from QR codes to mobile wallets, to BNPL.
They are getting used to experimenting with multiple channels as well as devices for discovering a frictionless checkout journey.
The rise of omnichannel is providing merchants with both challenges and opportunities to grow their business and customer base.
With the digital transformation introducing new and improved methods for digital transactions, consumer expectations continue to rise for efficiency and operational excellence.
They are relying on different payment methods, for example, making a partial payment by scanning a QR code and converting the rest of the payment to an equated monthly installment mode is now an established norm.
For some stores, customers may give preferences to card payments and for others, they may choose UPI or QR payments.
Many modes offer rewards or cashback and other promotional activities to attract customers to use them for making payments.
With more innovative payment methods customers’ demands and increasing for a more convenient and frictionless checkout experience. And this increasing demand has sent merchants and businesses on the hunt for a more streamlined solution. That will manage, consolidate, and comprises new payment options in a single platform.
A platform that will become a part of checkout.
Omnichannel payments :
In simple words, a platform that integrates all of the business’ payment accepting and processing options, giving consumers a streamlined experience AND offering a revenue-driving solution for the business’ entire ecosystem is an “omnichannel platform”.
By implementing an omnichannel payments platform, payment data is unified, and the merchant will gain an accurate insight into an individual shopper.
This is not only crucial to delivering a coherent customer experience but also essential for driving revenue.
A business can use an omnichannel platform to understand the customer’s journey, in turn. This can be utilized to offer a personalized user experience and increase the chances of returning business.
With the ever-evolving technology, the marketplace is transforming at a rapid pace.
This fast-paced landscape needs powerful solutions – and implementing omnichannel means easily adapting to and deploying popular local payment methods. Helping you expand your business to new markets efficiently and effectively.
As aforementioned, an omnichannel platform enables the payment processor to consolidate data across channels, and analyze it to derive insights into customer behavior.
A frictionless transaction experience gives customers more time to focus on the brand value, and thus with an omnichannel payment system, you can offer your customers a more engaging, customized, and consistent shopping and payment experience.
Be it online, in-store, NFC, or mobile, merchants need to ensure to include wide payment coverage as per the customer’s preferences.
How Lyra can support your omnichannel payments journey:
It integrates all channels for online payment processing and acceptance.
It is a hassle-free form of online payment where the customer has to click on the payment link or scan the QR code to initiate the payment.