Recently on Business Insider, Ian Black, managing director at Shopify, shared his thoughts on recent retail trends, including the importance of a comprehensive omnichannel strategy. Although COVID-19 has led to many customers staying at home, they have not abandoned brick-and-mortar entirely — oftentimes looking to leverage their local stores for local pick-up and delivery services. According to Shopify, from May to August 2020 online shoppers spent up to 23% more if they had the option for local pickup or delivery, and conversion rates were up to 13% and 19% higher than traditional shipping methods for those methods respectively. They also found that nearly 50% of shoppers prefer to have the ability to schedule in-store shopping experiences.
Shopify’s research also found that shoppers are more likely to make purchases on their mobile phones. According to Shopify 54% of 18 to 34-year-olds, 30% of 35 to 54-year-olds and 9% of those 55+ have leveraged their mobile device to shop online during the holiday shopping season. In-store, Shopify says that 62% of shoppers are more comfortable making purchases with digital or contactless payment compared to 2019. Shopify notes an increase of 122% of stores offering contactless payments through the Shopify ecosystem.
Going into 2021 it will be critical for retailers to build experiences that provide shoppers with the same comprehensive experiences and shopping options, regardless of how they decide to shop or interact with the brand. Versatile Credit can work with retailers to build a financing program that provides financing opportunities to shoppers across the FICO spectrum. Whether looking to provide shoppers with self-service kiosks, contactless, transition-to-mobile technologies or in-home and eCommerce financing, Versatile has the technology to help retailers provide shoppers with the same flexible financing and payment options, wherever their buying decision is being made.