Omnichannel Retail: The Basics

Online sales have been growing steadily, year-on-year for the last twenty years. Everybody assumed that 2020 would be no different and that this trend would simply continue. Of course, none of us had any idea what 2020 would have in store, or how it would affect the wider economy and how individuals and organisations can interact with each other and do business. It was predicted that online sales would grow by 11% in 2020. Instead, thanks to COVID-19, shoppers have had little choice but to do much of their purchasing online, and it is now thought that online shopping will have increased by 19% during 2020. We can’t know what next year will bring, but we can be sure that online sales will continue to grow and grow.

What does this mean for retailers? The massive increase in the amount and proportion of online shopping means that becoming an omnichannel retailer is more important than ever before. But what does ‘omnichannel’ actually mean? For this blog, we thought it would be a good idea to take a step back and revisit some of the basics, cut through the industry jargon, and help you see why ‘omnichannel’ isn’t just another buzzword that will soon fade away.

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What’s the cost of a Queue?

Always a tricky balance for retailers – not enough staff and there’s a queue, too many and you are wasting money. In this article we look at the causes of a queue and some of the things that you can do to reduce or even eliminate queues.

What is the cost of a queue?

Whilst there are a few hot tech and training shoe releases that absolutely love a queue and the social buzz that they create, the reality is that most retailers lose 10% of footfall due to queues and waiting times in store. In fact 26% of customers who walk out of a store will discontinue their purchase journey completely.

A queue is a sign that the operation is not working properly and is something to be avoided. A few years ago, customers were more accepting of a queue, but nowadays customers can vote with their mouse and simply head online.

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Good Shopping

As the sector has become more professional and more specialised, charity shops are contributing to a more vibrant and eclectic retail mix on high streets.”

“This trend towards greater specialisation can enable charity shops to become destination stores, which can add value to the high streets in which they are located.”
DEMOS REPORT

It is estimated that there are more than 11,000 charity shops in the UK, generating more than £295m for a range of good causes in the UK each year.

Whilst the charity sector is not immune from the challenging trading conditions that are closing high street shops, it is undoubtedly a cornerstone of the bricks and mortar retail sector. But contrary to the popular belief that our high streets are full of charity shops, they make up only four per cent of total retail units in the UK, compared to the national vacancy rate of around ten per cent.

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It pays to choose Paymentsense

We are delighted to work with one of the fastest-growing payment processing companies in Europe and to bring a whole host of industry leading benefits to our clients. Paymentsense currently handle over £10 billion in annual transactions for over 70,000 businesses in Britain and Ireland.

As an independent company who have gone from start-up to over 70,000 customers in less than a decade, this is a team who know exactly what it’s like to start out on your own.

They understand the importance of making savings for small business and they use their considerable buying power to offer better fees. Paymentsense also understand the importance of being fully supported, their UK based technical support staff are on call 24/7 – so if anything should go wrong with your card machine, they’ll have it fixed in no time.

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