How Retailers Can Leverage Innovative Payment Types to Grow
Solutions like buy now, pay later and QR codes can open doors to new shoppers
QR codes are types of barcodes that store information, when scanned on a mobile device, can give shoppers a more direct way to get the product information they need or a way to check out faster.
Let's start with the checkout process. QR codes can be used to create a seamless checkout experience, both in-store and online. Retailers can set up QR codes that direct shoppers to a checkout link, allowing consumers to complete a purchase using their mobile device. QR codes can be particularly useful for retailers selling at markets, fairs and pop-up events: Simply create signage featuring your QR codes, and you have a POS solution that can travel anywhere you go.
QR codes can also help retailers enhance the in-person experience and help shoppers access the information they need to make purchasing decisions. Product research has become the norm for shoppers today: 56% of consumers say they use their mobile device to conduct product research before making a purchase, according to PWC, and 54% use their mobile device to read reviews. 11 Retailers can leverage QR codes to accelerate the research process by directing customers to specific websites with product info, reviews, and other helpful content — and allow them to check out online if they choose. This frees up time for store associates to help customers who seek out their expertise while letting self-serve shoppers feel like they're optimizing their own experience.
Finally, retailers can use QR codes to drive online sales. Retailers can generate QR codes that direct consumers to product-specific checkout pages, so shoppers can make faster purchases online. This makes QR codes ideal for new retailers at any stage: whether it's to test product interest pre-launch, soft launch a new service or product before an official marketing campaign, or enable seamless sales processes once the product is in market.
Buy now, pay later is quickly becoming a baseline expectation for today’s shoppers. And more retailers — especially those looking to court younger shoppers — are looking to buy now, pay later to gain a competitive edge.
say they feel they need to offer more payment options like buy now, pay later to compete in today’s market. 12
Offering buy-now, pay-later options can help retailers bring in more business by making purchases more accessible to a broader range of shoppers.
told Square customer use of buy now, pay later at their businesses had increased over the last 12 months. 13
Buy now, pay later can help retailers manage risks. With Afterpay, for example, retailers are paid in full at the time of purchase. Afterpay also works with a company’s return policy, so retailers can offer flexible payment options while retaining control over returns.
Look for solutions that help you meet customers where they are, with the ability to offer flexible payment terms for purchases made via eCommerce or in person.
The ideal solution should make it easy to understand the fees for each transaction. Ideally, it will charge you only when a customer makes a purchase using the solution.
Customers’ interaction with a buy-now, pay-later solution can influence their perceptions of your brand. So look for a solution that offers responsive, helpful support, both to you and your customers.
