What is unified commerce?
Unified commerce is the complete interconnection of an organization’s sales channels and services (inventory management, logistics, customer service, customer data, etc.) to enhance the customer experience. The back-end systems of all physical and digital retailers are connected to each other and to the entire organization. Both the customer and the company know which product reference is available in which store. This makes it much easier to organize product transfers, monitor stock levels across the entire network, and optimize product availability throughout the network. Product exchanges and returns are also facilitated by implementing unified sales solutions.
According to Natalie Echinard, Retail Business Director at Cegid: “The goal is to converge all unified commerce uses on a single digital platform: click & collect, store-to-home, loyalty management, etc.”
To achieve this level of agility, it is essential to implement a unified payment solution.
By definition, a unified payment solution is a single platform that offers a wide range of payment methods and services to all customers, wherever they are. It’s compatible with cash register payment terminals, self-service kiosks, and online sales sites, for a seamless online and offline experience, with no barriers to purchase.
How can a single payment platform increase sales?
Changing payment behaviors (mobile payment, One-Click, Scan & Pay, Self-Checkout, etc.), the complexity of new purchasing journeys (Click & Collect, e-reservation, etc.), customer volatility, and strict European payment regulations (PSD2) are the main reasons driving companies to unify their payment processes.
The implementation of this solution quickly impacts sales through two levers:
- Purchase and payment convenience, which reduces cart abandonment and even increases sales by leveraging new consumer habits.
- Customer insights, which facilitate the implementation of truly effective loyalty strategies, as they are personalized.
A strengthened shopping experience for easier sales.
Thanks to unified commerce, customers are in control of their shopping experience. All sales channels are connected to a payment platform, opening up numerous possibilities for customers:
- Enable self-scanning and self-checkout
- Make an online purchase, return it in-store, and vice versa
- Order in the app, pick up your order at the point of sale or at a parcel relay point independently
- Choose the payment method best suited to your shopping habits: payment by QR code, contactless payment by credit card or phone, installment payments by direct debit, split payment across multiple cards or payment methods for large amounts or group purchases, recording bank details, etc.
- Schedule home delivery by speaking with the in-store sales associate.
- Implement a Pay by Link payment solution to securely settle transactions remotely, without having to manually enter bank details, thus saving time.
Implementing a unified payment platform also allows brands to implement different payment scenarios to offer an alternative to someone whose credit card is silent or declined, thereby minimizing the risk of shopping cart abandonment.
Increased customer knowledge, serving customer loyalty.
Rewards programs are one of the main levers for customer loyalty. By sending regular messages (newsletters, promotional offers, etc.) and implementing personalized recommendations based on purchase history, loyalty programs strengthen the relationship between the brand and its customers. When interactions are regular, in line with customer expectations (good pace of exchanges, relevant suggestions), they contribute significantly to strengthening each person’s attachment to the brand and their propensity to reorder in the future.
But how can we predict these expectations without customer knowledge?
When all data is centralized, with a single payment platform for all points of sale, it is possible to create a profile of each customer and analyze their behavior.
Creating customer profiles provides access to all the data collected on each customer: payment history, tracking of scheduled and pending payments, purchase frequency, average order value, etc., to better understand their purchasing habits and implement truly personalized customer loyalty offers.
CentralPay, a unified payment solution
The transition from cross-channel or omnichannel commerce to unified commerce requires, above all, the use of a centralized platform for all customer interactions.
The CentralPay solution connects to various management tools (CRM, ERP) and integrates several levels of unification:
- Unification of payment methods to streamline your collections with a single unified collection account: payment by bank card, SEPA transfer, wallet, direct debit, holiday vouchers, etc.
- Unification of flows across all sales channels: centralization of invoices, automated bank reconciliations, monitoring of the status of payments and pending refunds, accounting exports, financial reports by structure (website, store A, etc.) or for the entire company.
As you can see, implementing a unified commerce strategy provides your customers with an optimal shopping experience while facilitating your payment management.
