How are Retailers Building Connected Experiences Through Omnichannel?
Nov 07,2022As convenience and personalized shopping experiences continuously shape consumer behavior, retailers gravitate towards solidifying omnichannel strategies.
Worldline Rise 2021 India chapter is a global initiative powered by Worldline. The recently concluded event conducted on 8th October 2021 was based on the theme ‘Driving Growth Through Innovation In Payments’ where industry leaders from across the spectrum of the payment value chain came together to discuss key developments in the ecosystem. Payment is one of the fastest-growing industries that thrive on innovation. We explore diverse aspects of this theme through insightful sessions and panel discussions.
The panel discussion on Going Beyond Borders: Unlock The Potential Of Global Markets emphasised how the pandemic accelerated digital inclusion in India and opened boundaries to make cross-border payments possible globally. This intriguing discussion was moderated by Rahul Sethi (Vice President Marketing - Worldline). Here are the eminent panellists:
Ramesh Narasimhan (Head Digital Commerce India - Worldline)
Andrew Monroe (Global Head of Gaming and Media - Worldline)
Mike Goodenough (Global Head of e-Retail - Worldline)
How did e-retailers align their expansion plans and growth strategy in the wake of the pandemic?
The biggest challenge that retailers faced was to switch from physical sales and shift to the digital sphere. The domestic markets alone would not have filled the gap created by the change in consumer behaviour. Therefore, merchants focused on cross-border payments, particularly to countries or regions close to them that supported the ability to ship goods and pivot quickly.
Impact on digital goods
A McKinsey report stated that the pandemic itself had accelerated the share of digitally-enabled products in companies portfolios by seven years. Digital businesses are increasingly mushrooming in India. Therefore, even when things go back to normal, digitalisation is here to stay because digital bridges the gap which the physical world has not yet been able to fulfil. The growing market is linked to an increase in disposable income, increase in connectivity, access to payment methods leading to cash disappearance in the society, which has accelerated in India but also in the rest of the world.
Cross-border complexities
Merchants are navigating the payment complexities that exist in other cross border markets. There are easier geographies that help people seamlessly traverse cross-border markets. And then there are markets with high barriers to entry, complex payment ecosystem, different payment methods, and robust regulations that have to be upheld to enter those markets.
Successful key drivers for physical goods
There are 4 primary enablers of cross-border:
- Direct to consumer model
- Multiple touchpoints built into marketing applications
- Improve language and payment localisation to reduce friction in the consumer journey
- Social commerce and live shopping experience
Worldline’s Cross Border value proposition
Worldline offers a multi-pronged strategy that includes omnichannel, multiple channels, product and payment localisation. Worldline’s cross border solution provides payment connectivity across 175 + countries, service offerings with an integrated global payment platform that empowers Indian businesses to reach millions of consumers globally, and single integration anywhere in the world. Worldline provides services right from authorisation, acceptance to processing, settlements, refunds, and chargeback. It also brings global expertise to help merchants choose the preferred payment mode to boost conversions.
