Shoppers aren’t letting price bumps and out-of-stock messages get them down. Instead, they are making the holidays all about quality experiences—whether it’s in person, purely digital or a hybrid.
This holiday season will be no exception to consumers’ demands for secure and convenient experiences across all channels. Despite rising inflation concerns, experts are projecting holiday spending will remain strong. Retailers must optimize omnichannel customer experiences to remain competitive and accommodate shopper preferences.
Here are 3 tips to win over consumers this holiday season:
Tip #1 – Provide seamless digital AND physical experiences
In their annual holiday report, Loqate, a GBG company, found that consumers are prepared to spend in person and online. Brick-and-mortar sales are projected to hit $1 trillion in total sales this year, and eCommerce sales are expected to exceed $200 billion.
Checkout and onboarding will be critical for the digital shopping experience, and today’s consumers are not as patient as brands think. When opening a new account online, IDology’s Fifth Annual Consumer Digital Identity Study found that 32% of consumers say that a quick and easy process is most important. Additionally, IDology data shows consumers will abandon an onboarding process if they find it too difficult, untrustworthy or time-consuming.
To stay competitive, retailers can utilize accurate customer data to create a personalized experience that transcends a specific channel. More personalized experiences across all channels empowers retailers to create a 360-degree view of customers and allows for exceptional service.
Tip #2 – Beat fraud with simple AND powerful identity verification
According to the National Retail Federation’s 2022 National Retail Security Survey, 61% of leading retailers reported an increase in eCommerce-related fraud from last year. Because of this, the security survey discovered leading retailers have budgeted dedicated resources to securing the eCommerce side of their business. It’s no surprise that IDology found 68% percent of consumers rank security as most important when creating an online account this year.
To protect themselves and their customers, retailers must ensure they are verifying legitimate consumers quickly while keeping bad actors away. Loqate points to the successful verification of address data, which can greatly minimize fraud and theft cases. When retailers are able to validate addresses across the globe in real time, they can confirm the identity behind each order during the payment process.
Tip #3 – Choose technology that balances security AND convenience
If customers have a poor experience, they will go somewhere else. Loqate found that 47% of consumers will abandon a brand after two bad digital interactions, while brands expected the abandonment rate to only be 25%.
IDology found that 76% of consumers showed a greater preference for businesses that offer more advanced forms of identity verification technology. However, 45% of consumers surveyed reported a strong dislike for additional security checks.
Consumers need to know that businesses are keeping them safe, but not at the cost of convenience. By employing automated, multi-layered identity verification technology, businesses can efficiently and effectively serve any customer anywhere in the world. Retailers that get this balance right are positioned to win this holiday season.
Bonus Tip – Consistency is Key
Loqate found 85% of hybrid shoppers reported that they expect consistency during every interaction. Consistency between in-person and digital interactions is key, but so is consistency across devices. Despite the popularity of smartphones and the level of investment in mobile shopping, Loqate found that shopping via a desktop and mobile device remains evenly split. Consistency also fosters loyalty and builds stronger customer relationships in the long term.
As retailers prepare for a holiday season full of unpredictability, they must be equipped to manage increasing fraud and win over consumers across all channels. Leveraging automated, multi-layered identity verification technology will enable businesses to offer customer experiences that are convenient, without compromising on fraud prevention or security.