While the rise of e-commerce and the recent COVID-19 pandemic initially spelled doom for brick-and-mortar stores all across the world, in countries like the Philippines, the sector has made a huge comeback. That’s because many Filipino consumers still prefer to shop in stores, especially if they’re located in convenient places like marketplaces and malls.
That said, it’s high time for small- and medium-sized enterprises (SMEs) and startup stores to evaluate their processes to be more competitive. Concentrating on checkout and payment systems, in particular, can do a lot to eliminate friction and ensure a smooth customer experience.
A well-optimized checkout process can inspire customer loyalty and influence word-of-mouth recommendations just as much as a store’s product selection. As such, significant improvements in your own brick-and-mortar store’s checkout process could significantly impact your revenue growth.
This article will help you learn more about why checkout and payment are so important, as well as recommend specific improvements you can make to your store’s checkout and payment procedures.
How Does Your Checkout Process Impact Your Business?
Every interaction counts in today’s extremely competitive retail landscape, especially for SMEs. The checkout process is a critical juncture that leaves a lasting impression on customers. On the one hand, a positive experience not only prompts customers to return but also compels them to spread the word about how seamless their transactions were. On the flip side, a cumbersome checkout can lead to abandoned purchases and negative reviews, hindering growth and potential success.
What Are the Challenges to Overcome in Your Checkout Process?
SMEs often encounter unique challenges that hinder the efficiency of their checkout and payment processes compared to large and well-funded retail corporations. On your end, these could include limited resources, technological barriers, and constrained staffing.
All these can contribute to long wait times, leading to more frustrated customers and more abandoned carts. Understanding these obstacles is the first step towards crafting effective solutions that resonate with the realities faced by SMEs.
10 Strategies to Simplify Your Checkout and Payment Processes
Now that you know just how much your checkout and payment processes matter, what can you do to simplify and smoothen the customer experience? Here are ten recommendations that should lead to major improvements in your brick-and-mortar store’s revenues:
1) Offer Multiple Payment Options
First, you’ll want to make sure you can offer multiple payment options in-store to accommodate diverse payment preferences among your customers. SMEs and startups in the Philippines can look into payment solutions such as the Maya Terminal and Maya Terminal Lite. A Maya credit card terminal will allow your store to accept all forms of digital payments, from e-wallets such as Maya to QR code payments facilitated by QR Ph, as well as cash and traditional credit and debit cards.
Having a secure, all-in-one compact terminal for your cashiers will definitely be a game-changing addition to your store. With the additional revenue generated from such an improvement to your checkout and payment system, the Maya Terminal price you paid will be, without a doubt, a worthwhile investment.
2) Implement User-Friendly POS Systems
You should also work to modernize your checkout experience with an intuitive point-of-sale (POS) system. A Maya POS terminal, for example, is as small and compact as a smartphone and will have an intuitive user interface that will prove friendly to both customers and staff. Find out how to use POS innovations like these and customize their features to suit your particular business like a glove.
3) Leverage Contactless Payment Technologies
In a more health-conscious and convenience-driven era, contactless payment technologies will take center stage. Consider implementing solutions like near-field communication (NFC) technology for tap-and-pay transactions. A portable and wireless unit will allow customers to simply tap any PayPass or payWave card for their payment, eliminating the need for the cashier to hold their physical card.
4) Personalize the Checkout Experience
You can also harness the power of customer data to enhance the checkout experience. SMEs can offer personalized discounts and tailored offers during checkout by analyzing a customer’s shopping habits, purchasing history, and preferences. That said, for every change you make to your checkout process to personalize it more, always prioritize customer privacy and data protection. This will keep your customers at ease and assure them that their data is in safe hands.
5) Optimize Your Customer Service by Training Your Staff
Your staff is the face of your business, and they form the vital human component of your checkout and payment process. Empower them with training that makes them better at assisting customers with various payment methods and troubleshooting technical issues. In doing so, you’ll be able to foster a positive shopping experience by providing consistently excellent customer service during the payment process.
6) Integrate Loyalty Programs and Rewards into Your Checkout and Payment Processes
SMEs can also leverage loyalty programs to enhance their checkout processes in their brick-and-mortar locations. Use technology to seamlessly integrate loyalty program information into your transactions, allowing customers to redeem rewards and points during payment. Not only will these simplify the process, but they’ll also drive up repeat business.
7) Utilize Mobile Apps and In-Store Navigation
Incorporating technology through mobile apps can also significantly enhance the in-store experience for your customers. As your store grows, onboard apps that offer in-store navigation, integrated payment options, and loyalty program features. Aside from streamlining the checkout process, these will also make the entire shopping journey more convenient and distinct.
8) Address Data Security and Privacy Concerns
Security is non-negotiable when handling customer payment information, especially in a brick-and-mortar establishment. Be sure to implement robust security measures to safeguard customer data and comply with data privacy regulations, as these will prevent payment-related issues in the long run.
With a Maya Terminal, for instance, you can assure customers in the Philippines of their security, given that every unit is ATEX-certified, EMV-certified, and PCI-DSS-compliant. Your customers will be more motivated to shop at your store, knowing that you’ve done your best to protect their payment info from fraud and other threats.
9) Offer In-Store Pickups
You can also embrace the trend of online-to-offline integration by allowing customers to buy online and pick up their items in-store. This can simplify the checkout process while also catering to changing shopping behaviors. If you’ve got the requisite technology on you, like a portable payment device, you can simply bring the customer’s order to their car and get their payment without even requiring them to step foot into your store. The added convenience may be just what they need to keep patronizing your business.
10) Future-Proof Your Checkout Process
Lastly, make sure to stay ahead of the curve by keeping up with emerging payment technologies such as those offered by Maya Business. Think about how these can address changing customer preferences and expectations. Future-proofing your checkout process when you need to ensure that your business remains relevant and doesn’t lose out to its competitors.
For your brick-and-mortar business to grow amidst an increasingly digital economy, you should revisit your checkout and payment processes and take the steps to improve them. Using the innovative solutions at your disposal, it will be possible for you to stay ahead of the game and leave a lasting impression on every customer who goes to your physical store to shop.
