It’s easy to spend lots of time focusing on the new and exciting technologies for implementing Omnichannel and forget some of the most fundamental needs of customers.
Go into almost any store and a proportion of customers will be paying in cash. It might be a large number of customers or a relatively small number but the actual revenue to the retailer will very likely be most significant.
Now look at online. It may offer a wider range of products than are available in the store but there is no facility to pay in cash. This means that people without credit or debit cards and those people who still don’t trust putting their card details into a web site will not buy goods on the retailers site.
To directly address this customer need Walmart.com in the USA has just launched “Pay with Cash,” a new feature that enables users to place orders online and then pay for them at a nearby Walmart.
Walmart customers make lots of small purchases and pay in cash over 80% the time so it makes sense for them to do this. So why would other retailers who take a much lower percentage of payments in cash want to consider a similar approach?
1. Customers will have access to potentially thousands of items that are not carried in the store.
2. If it is a gift customers will no longer have to buy an item in the store and ship it themselves.
3. In hard economic times people manage expenditure by using cash instead of cards.
4. Customers have to visit a store within 48 hours to pay the cash before the products are shipped and they are more likely to buy more products when they are at the store.
It will be interesting to see if any UK retailers pick up on this very customer centric idea which fits perfectly with an Omnichannel strategy.