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32


Future of Retail — Omnichannel


issue 03


Point of sale retail credit is an effective way of drawing new customers through the door and encouraging current customers to spend more.


them, start a campaign after six when you know it’s going to be looking a little tired, cross selling products to freshen it up such as pillows or throws.


3. A CONSISTENTLY CLEAR CREDIT FACILITY We live in a world of impatient shoppers who are able to do what they want, when they want. So it’s now more important than ever that you’re offering payment options to suit them. Offering point of sale retail credit is an


effective way of drawing new customers through the door and encouraging current customers to spend more, as they’re able to spread the cost over a longer period. In fact, our latest research at Hitachi Capital


tells us that retailers seriously risk losing customers by not offering and promoting retail credit. 44% of those asked said that they would potentially walk away from a sale if credit wasn’t an option and only 33% said they would still buy using another means such as cash or card. Over one quarter of people who used credit


in the last year said they would have gone to another retailer if they didn’t have the option to ‘buy now, pay later’, while 18% said they would have thought twice about buying the product at all. Only 33% would have bought the product the same day using cash or a credit card. What’s more, 83% said that the fact the


retailer offered fi nance heavily infl uenced their decision to purchase, while 50% said it played ‘a very important’ role. Some sectors are more heavily affected by


this than others, for example jewellery would lose 40% of customers if they couldn’t offer fi nance.


4. CYBER SECURITY A strong omnichannel strategy is great for both the retailer and the customer, but with


all of that data being shared across numerous channels - digital and offl ine - it’s vital that you have a strong focus on keeping that information safe. Latest government stats show that two thirds


of the UK’s large businesses had experienced some form of cyber-attack over the past year – a terrifying stat that consumers are becoming more and more aware of. The government has vowed to invest £1.9


billion into the prevention of cyber-crime over the next fi ve years, meaning it’s now more important than ever for you to tighten up your own information security. With this in mind, select your partners


carefully and ensure they have stringent protection in place, whether they’re handling your marketing or your payment options. For those with mutual customers, such as your POS credit provider, make sure their attitude towards keeping customer data safe matches your own and is at the forefront of their focus.


CONCLUSION According to Helen Dickinson, chief executive at the British Retail Consortium, retail sales growth in 2016 was already slower than in 2015 . And, with the uncertainty of the current economic climate, 2017 promises to be a challenging year for retailers. But for those that take the time and effort


to get to know their customers, focusing on providing a smooth and streamlined omnichannel experience, it can be a rewarding year too. Sticking to these four main principals should set you well on your way to maximising on your current customers, attracting new ones through the door and ultimately boosting your bottom line.


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