The digitalisation of the retail sector

Shopping from home using a mobile device that understands your voice? Paying for your online shopping with your usual payment method?

The retail sector has to make a move to avoid being left behind by the wave of digital technologies during and after the COVID-19 pandemic. Digitalisation has arrived, and retail cannot afford to ignore it.

It is time to take matters into your own hands, knowing the main digitalisation tools for the sector and embracing the digital transformation of commerce.

At PayXpert we have what you need. Are you going to miss it? Read on! 

The current context of retail digitalisation

If there is one thing that everyone on the planet agrees on, it is that 2020 was not an easy year. If we talk about the current situation in the retail sector, we cannot ignore retail in the time of COVID-19, where significant health, economic and digital challenges have emerged.

The challenges remain the same as they were a couple of years ago: using innovation to support customer engagement and enhance their brand experience, making it more authentic, more engaging, and more personalised. To address them, the key points have been the adoption of modern technology through digital payment systems, the use of APIs, the implementation of transaction control systems with business intelligence, etc.

In short, those keys are still relevant in 2021, but with a difference. Now, retailers no longer have the luxury of time; the pandemic has forced them to act swiftly. So, those who are getting the message and embracing technologies to digitise their business, such as beauty services, bars and restaurants or the construction sector, have a clear competitive advantage.

Where should the strategic plan for digitalisation in the retail start?

The pandemic has left a deep scar on the sector: it forced retailers to close hundreds of stores of all kinds. In October 2020, 15% of Spanish businesses closed due to coronavirus, and by the end of the year, sales plummeted by 7.1%, marking the most significant decline since 2012 (*figures reported by El País).

Food stores and large chains maintained revenue levels, but other businesses did not meet the same fate, as was the case with clothing stores, hairdressers, beauty centres, among others.

So, what happens now? The retail sector has been forced to change rapidly to change its operations and adapt to current circumstances, with customer satisfaction as the primary focus. At this point, many retail executives are contemplating new strategies and initiatives to implement over the rest of the year. And that is the starting point for any strategic plan for the sector.

To help them, we have compiled the key recommendations and will provide information on the tools we have at PayXpert for retail digitalisation.

PayXpert: how can we contribute to the digitalisation of retail?

The few happy retail stories in 2020 share one thing in common: they had already started their digital transformation process. Take the U.S. electronics company Best Buy, for example. While other retailers in the country were closing, this company responded to the new needs of the population through its online store. So much so that it significantly increased sales of household appliances, office equipment and mobile devices, among other products.

For most retailers, the situation was different. They were not well prepared, so they had to make a quick (and intelligent) decision to transition to an eCommerce platform immediately.

At PayXpert, we support the resilience of the retail sector through our solutions to help them on their way to digitalisation. We make it possible through the following tools:

• Multi-channel payment. We have different payment methods adapted to your business: virtual POS setup in online stores or real POS for physical stores, voice payments with a powerful IVR, payments without developments or additional integrations, among others – linked together with a powerful platform, and always with features aimed at improving the payment experience, such as local Chinese (AliPay and WeChat Pay) or Russian (Mir) methods.
  
  
• Payment platforms for marketplaces. Many businesses have chosen to join these virtual shopping centres to increase their visibility and sales. Our payment processing and financial distribution solution for marketplaces allow you to manage all transaction traffic among ecosystem partners, whether B2C, B2B, or C2C. It offers all popular payment methods, avoids relying on third parties, and integrates everything you need into a single platform.
  
  
• Customised solutions. We have a single platform for all sales channels worldwide. Not only do we make it easy to set up your in-store payments, but we also improve your customers' experience with our all-in-one payment platform: quick setup, payments on any channel, local methods, etc. We allow you to sell more by giving your customers the best user experience. By simplifying and optimising your POS payments, you will increase turnover and improve your customers' experience, whatever their journey. We have POS terminals with specific value-adding features for restaurants, luxury, hospitality, start-ups, transport, retail, and much more.
  
  
• Innovative payment technology. Our innovations are the perfect formula to recover and increase your sales, improve your conversion rate and keep your business free of chargebacks. Our payment gateway includes: a cascading system to recover failed transactions, an intelligent routing solution for specific transactions, a business intelligence solution and dashboards to monitor and analyse your customers' behaviour, advanced statistical modules to filter and obtain accurate data, and other advanced features to help you improve your bottom line and operations while enhancing your customers' experience.
  
  
• Omnichannel payment system. The retail payment processing solutions for retail businesses we offer are simple and convenient to use. They allow you to focus on your business while increasing profits and improving service. We help you accept payments from your customers in any way, anywhere - online, by phone, or by email.

The digitalisation of retail starts with a change of mindset. Are you ready to offer your customers the experience they want? Find out more about the solutions that PayXpert has for you: Contact us.