Convenience central to customer journey
Barclays Partner Finance research shows that convenience is the most pressing reason for choosing PoS finance. More than 47% of respondents cited convenience as the reason why they would use it ahead of other finance models, while more than a third (35%) mentioned PoS Finance’s ease of application.
It is likely that this desire for convenience could have driven some of the major changes witnessed in the retail space in the past decade. The application of online shopping, click and collect, webrooming and showrooming all reflect consumers’ desires for purchasing experiences that are convenient for them.
Benefitting from enhanced integration
It is this same need for convenience that is also driving the integration of the different aspects of a buyer’s journey. Customers increasingly research their options from the convenience of their own homes before taking a buying decision, so retailers who can turn this research stage into a store visit will benefit.
The digital transformations that have enabled truly omni-channel retailing processes have increased the pressure on all retailers to match the consumer’s expectations for speed, accuracy and flexibility. Research has shown that those digitally mature businesses who help deliver this convenience enjoy greater profitability 3. As these trends continue to evolve, seamless purchasing journeys will become even more important.
Delivering seamless experiences
The demand for convenience means that creating a seamless customer journey should be the goal for most retail businesses. How these are delivered will differ across organisations and sectors, but understanding a number of key elements could help guide the response.
Create a framework – review the journey customers have to make online and in-store, then examine how these can be better aligned and easier to navigate. Understanding and reflecting consumer trends could also help match current journeys with those expected by customers.
Speak the consumer’s language – use words and phrases on the website and in-store that are consistent across both platforms, while being both concise and clear.
Focus on the customer need – understand their wants and highlight how products can match these needs.
Personalisation – use digital capabilities to support the customer’s in-store visit. Get customers to register their details and preferences online, then provide them with a more focused experience in-store based on this information.
Employee power – allow staff to understand both the customer journey and their needs, and train them to deliver clear, concise and consistent messages.
Using PoS Finance to support customer experiences
Barclays Partner Finance’s recent survey showed that if PoS finance hadn’t been available, 27% of respondents would have instead shopped at a store that did offer it. The same finance, in many cases, also allowed consumers (83%) to spend more overall by spreading the cost.
Highlighting access to PoS finance throughout the customer journey is important, as is making the actual processes supporting PoS finance as seamless as possible. Today’s consumers have not only embraced mobile devices, but are used to using them as part of their shopping process – this significantly impacts their shopping experience. Because consumers have become increasingly connected, they are more likely to purchase anywhere, at any time, from any device – the creation of Sign Anyway, by Barclays Partner Finance reflects how these demands are being met (see below).
The journey from decision to buy, apply, confirm and sign is straightforward, but it can give retailers a key point of differentiation. Those that are focused on delivering a seamless customer journey, both instore and online, should be best placed to benefit.
