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Everyone witnessed the shift that retailer made from brick and mortar to digital platforms. Now, there is another wave of transformation in the retail industry, getting popular as phygital, aimed at bolstering omni-channel presence. Last year, many retail giants already initiated the integration of online with offline to stay ahead of the competition. Now it’s time for other retailers too to join the movement, as being phygital will only build a strong loyal customer base and help them to enjoy a wider market.
With the convergence of physical and online retailing modes, retailers need to implement creative means to enhance shopping experience with seamless mode of payments. Inclusion of multiple payment systems is important to deliver improved retail experience in the omni-channel environments. There are manifold payment methods and ways of integrating payments on a single platform like online fund transfers and digital wallets to elevate the customer experience. Since omni-channel payment platform archives tremendous amount of consumer data, which gives insights on customer behavior, their buying patterns and payment preferences, it can be a catalyst in enhancing the efficiencies to deliver better consumer experience. Further, with the availability of multiple payment options retailers can surely gain increased customer loyalty and retention.
With the rise of omni-channel payment methods, the future of digital payment looks promising. The coming together of omni-channel strategy and digital payments heralds a new era in retail, allowing retail stores to compete with the best retail brands in the world.