Consumer behaviour has changed as payment technology and eCommerce has developed to provide more convenient shopping experiences. COVID-19 accelerated these developments, and it’s reshaping the face of retail, from in-store experiences to how customers expect to checkout and pay. To proactively address changing consumer behaviour, retail businesses need to be on the front foot with technology-backed systems and processes.
Keep reading to learn how your retail business can embrace digital adoption and be better prepared for changing consumer behaviour.
How has consumer behaviour changed throughout COVID-19?
According to Salesforce’s “State of the Connected Customer” report, 66 per cent of customers expect businesses to understand their needs and expectations. Further, 88 per cent of customers expect businesses to implement digital initiatives faster due to COVID-19. While wanting companies to treat customers with care and demonstrate an understanding of their needs has been important much longer than the last 18-plus months, fast-changing consumer habits can’t be overlooked.
In the 12 months to 30 September 2021, online shopping in Australia grew by 20.8 per cent. This growth has brought about other changes in consumer behaviour, including increased use of click-and-collect options on a range of items from clothing to food and consumables, contactless payment, and real-time order tracking. As people continue to shop online and opt for click-and-collect options, retail businesses can implement a few key tools that will help them meet changing customer needs.
Contactless payments and fast checkout in-store
To offer customers contactless payments, a range of payment options, and fast checkout in-store, your retail business needs to ensure it has the right digital tools to make this a reality. For example, portable, iPad-based point of sale systems with in-built payment terminals enable businesses to process sales anywhere, anytime. This means your staff can serve customers from anywhere in the store, regardless of where the physical checkout is located. It’s a great way to interact more with customers as they shop while making the process from browsing to purchase a seamless experience.
Creating frictionless checkouts
There’s no excuse for having a poor online shopping experience today, especially with the wide range of options available to help businesses provide simple, secure and enjoyable eCommerce stores. Spenda’s eCommerce solution, for example, enables businesses to get set up and faster grow online with a user-friendly portal that gives business owners the ability to provide customers several payment options, and access integrated data that tracks sales and inventory in real-time.
Having real-time stock updates also means your customers will never order an out-of-stock item again. With a smarter payment solution, your customers can enjoy a more seamless checkout experience using our flexible payment options including:
- A Pay Invoice by Link feature that allows customers to click a unique link that has been emailed to them by the seller.
- A dynamic payment widget that allows customers to checkout in a few clicks.
- Using a virtual terminal so you can accept payments anywhere, anytime.
No matter which options your business chooses, keeping convenience top of mind and making sure your customers feel valued will pay great dividends now and in the future.
Improving the supplier and retailer relationship
The way in which retailers are able to operate and meet consumer demand is heavily impacted by the relationships they have with their supply line. If retailers can not meet payment deadlines, they may encounter stock issues, which then impacts their ability to service their own customers, hinders profitability and as well, can tarnish relationships with their suppliers.
With the right systems, retailers and suppliers can each improve their cash flow while meeting order demands. Spenda’s payment and lending services, for example, enables suppliers to offer their buyers the ability to purchase stock and receive it in the usual time frames and benefit from extended payment terms – while the supplier gets paid in full, and on time – via a Buy Now, Pay Later option.
Not only does this agreement promote better retailer-to-supplier relationships, it also helps each party maintain consistent cash flow. And with cash no longer tied up in inventory or overdue invoices, businesses have more capital available for improvements or investments in growth.
Get ahead of the game with Spenda
Spenda helps retail businesses adapt quickly to changing consumer behaviour and expectations. Through our range of tools, including our portable POS system, an integrated payment system that provides a range of payment options, and eCommerce solution, to name a few, Spenda can help your retail business to stay ahead of the game.
Whether you’re looking to provide more payment options, reduce customer queuing time, or grow your business with stronger eCommerce channels, we’ll work with you to build a tech stack that will help you achieve your unique goals.
Keen to see Spenda in action? Book a free demo with one of our payment experts today.
*This article is for general information purposes only. Consult a qualified financial advisor regarding any changes to or decisions about your business’s finances.