Payment processing is constantly evolving, but the pandemic pushed things even further along. In 2021, chances are we will see even more changes (all good) to help merchants make payment processing an even smoother process than before.
Understanding the payment processing trends for 2021 and how they affect your business is the key to staying competitive in the new year as we continue to fight the pandemic and all that it has caused.
Cashless Payment Options
Today, consumers don’t want to use cash. They want contactless payment options, whether that means paying online before coming into the store or using their phone to pay in store. The key is that no cash exchanges hands and consumers don’t have to touch shared machines that other people have touched.
Increased Use of Biometrics
With an increase in online and mobile payments being made, biometrics are even more important. Fraud, hacking, and lost phones are common and serious risks when opting to utilize mobile payments. Biometrics provides another mechanism to prevent fraud by requiring a higher level of security, either your face or your finger.
Peer-to-Peer Payments
Splitting checks, buying group gifts, and covering the rent with a roommate is easier today with peer-to-peer payments. But consumers are so accustomed to making instant payments to their peers that they want the same capabilities with merchants. Not only does it allow for contactless payments, but it allows faster payments pushing consumers through the purchasing channels quicker.
Buy Now Pay Later Options
With the onset of the pandemic and many people suffering financial losses, buy now pay later opportunities are in high demand. Merchants who sell high-ticket items do themselves a favor by offering buy now pay later options on their website. This helps increase sales and even consumer loyalty when merchant helps them out by making products more affordable over time.
Mobile Wallets
Mobile wallets like Apple Pay were already in high demand, but 2021 will bring even more popularity for these payment options. Customers want contactless payment options and merchants who don’t offer it will be left in the dust. Offering payment options like Apple Pay, Google Wallet, and Android Pay are the way of the future, merchants who don’t offer it will be left behind for stores that do.
Take Advantage of 2021 Payment Processing Trends
The payment processing trends for 2021 promise a lot of things for merchants, including more sales. In a competitive world where consumers are trying to do their best to remain socially distant, be as contactless as possible, and afford the items they need/want, merchants have to step up.
If you want to be competitive, it’s time to think outside of the box. Cash and swiped credit cards aren’t the only way to accept payment. In fact, they are the old school ways to collect payments. Most consumers today want something much more sophisticated, contactless, and cutting edge.
If you have a New Year’s resolution to get your finances in order, that may include finding the right credit card. If you have a high-interest card that doesn’t provide you with any rewards or benefits, you could be missing out.
The Top Credit Card Offers for 2020 and 2021.
Discover-It Cash Back
If you want a simple credit card that pays you for your purchases, Discover-It is it. You earn 5% back on your purchases up to $1,500 each quarter. The reward categories change, but you always have options, and they are typically categories everyone spends in or specific stores everyone shops at (such as Amazon).
Discover also doubles the cashback you earn after your first year. In other words, you earn ‘free money’ if you keep your card in good standing for the year.
Citi Double Cash Card
Earn 1% back on all purchases and an additional 1% when you pay your bill. Even if you pay your balance over a few months, you still earn 1% of what you pay. So it totals out to 2% cashback as long as you don’t let interest charges take over your rewards.
The Citi Double Cash card doesn’t have a reward bonus like most cards, but it comes with a 0% balance transfer APR for 18 months. That’s a nice long period to pay off your balance before interest accrues.
Chase Freedom Unlimited
If you like tiered rewards, check out the Chase Freedom Unlimited card. There’s no annual fee, and you earn cashback year-round in a tiered manner.
It’s best for people who travel as you get the largest reward on travel purchases (5%). It also pays 3% back on restaurant purchases, 3% back at drugstores like CVS, and 1.5% back on all other purchases. So, no matter where you spend money, you’ll earn cashback.
Bank of America Cash Rewards Credit Card for Students
Students sometimes have a hard time finding a credit card that provides them any benefits besides a small credit line. The Bank of America card is a great place to start and it offers students rewards.
Students earn 3% cashback on a category that you choose, whether it’s groceries, dining out, or gas. Students can also earn 2% cashback on groceries, including Sam’s Club and Costco, and 1% back on everything else.
The 3% bonus category and 2% rewards can be used up to $2,500 per quarter, and then it falls to 1%, which is the perfect amount for students.
Look at the Credit Card Rewards you Need
Before you take just any credit card, determine your needs. What rewards will you use and what categories do you spend money in the most? Why not take advantage of what credit cards have to offer by finding the card that pays you back in ways you’ll use it and for purchases you already make?
If you aren’t sure which one is right for you, pull out your bank and credit card statements for the last year and total up your spending in each category to make the right choice.
COVID-19 has changed the way restaurants operate in a big way. In some states, they still aren’t fully operating, which leaves restaurants thinking outside the box longer than they ever thought necessary.
2021 looks like it will shape up much how 2020 ended, which means restaurant owners must continue being creative and figuring out ways to make the most of their business as it is right now.
Top Restaurant Trends for 2021
Focusing on Take-Out, Delivery, and Contactless Payments
No one knows when restaurants will open again (for indoor seating). This means all business owners must rely on take-out and delivery. Anything they can make contactless (including payments) is what will bring in the customers. Curbside delivery, online payments, and as little contact as possible are what will bring the business.
Creating a Brand for Themselves
Restaurants shouldn’t rely on just the food that they serve, but on the brand, they want to create. Think about what audience you serve. What are their pain points? What do you offer that helps them? That’s the brand you want to focus on and portray to your audience to bring in more business.
Providing Healthy Foods
Everyone loves to eat out (or order in), but today’s consumer is health conscious. You’ll still have those who love their favorite comfort foods, but including at least a few healthy foods on the menu will cater to a larger crowd.
Pop-Ups and Special Menus
Restaurants today are getting with the times and realizing many of their services may be short-lived. For example, if they can open for in-person dining, it may be for a short period. So instead, they think outside the box and have specials and limited opportunity pop-ups that bring a sense of urgency and excitement.
Online Reservations
Today consumers have to make reservations for just about everything, including any type of dining. The days of popping into a restaurant when you feel like are gone. Merchants need to adopt an easy reservation method, of which online reservations is the easiest. Whether you have a mobile app or just a website, enabling customers to reserve their time easily brings in more business.
Provide Quick Dining Opportunities
Anything you can do to make the diner’s experience contactless will take you far in 2021. Diners want to get in and get out. This includes when they’re taking the food to go. Self-service kiosks and contactless payments (online) let customers come in, get their food, and leave with little to no contact with others.
2021 is all about staying healthy. From serving healthy foods, ensuring the utmost safety precautions, and offering contactless opportunities for ordering, paying, and picking up food is important.
No one knows when the pandemic will end, but restaurants can stay strong by implementing the trends consumers want to see and that makes them feel safe. As we continue to navigate our new normal, it’s time to adapt to what’s in front of you and give your audience what they need to remain loyal.
Frequently Asked Questions
How can restaurants adapt to the demand for contactless dining experiences?
To meet the demand for contactless dining experiences, restaurants can implement various strategies. This includes adopting digital menus accessible via QR codes or mobile apps, allowing customers to browse offerings on their own devices. Implementing online ordering systems with curbside pickup or delivery options is also crucial. u003cbru003eu003cbru003eRestaurants can offer contactless payment options such as mobile payments or online transactions. Moreover, investing in technology like tableside ordering tablets or self-service kiosks can further enhance the contactless experience and streamline operations.
What steps can restaurants take to incorporate sustainable and locally sourced ingredients?
Restaurants can incorporate sustainable and locally sourced ingredients by building relationships with local farmers, growers, and suppliers. This involves researching and partnering with those who follow ethical and eco-friendly practices. Highlighting these partnerships and ingredient sources on menus can appeal to environmentally-conscious customers. u003cbru003eu003cbru003eAdditionally, implementing seasonal menus that showcase locally available products can be an effective strategy. Restaurants can also reduce food waste by implementing portion control measures, offering customizable dishes, and repurposing leftovers creatively, thus minimizing their environmental impact.
How can restaurants leverage the concept of ghost kitchens and delivery-only models?
Restaurants can leverage the concept of ghost kitchens and delivery-only models by expanding their reach and reducing overhead costs. They can establish virtual brands or delivery-only concepts that operate solely through third-party delivery platforms. This allows restaurants to tap into new markets, test innovative concepts, and cater to the growing demand for delivery and takeout. u003cbru003eu003cbru003eBy focusing on efficient delivery logistics, optimizing packaging, and ensuring high-quality food, restaurants can excel in this space. Collaboration with third-party delivery platforms and investing in robust online ordering systems are key steps to success.
How important is customer engagement in the restaurant industry, and how can it be enhanced?
Customer engagement is crucial for restaurants as it fosters loyalty, drives repeat business and generates positive word-of-mouth. Enhancing customer engagement can be achieved through various strategies, such as active social media presence and engagement. Restaurants should create compelling and shareable content, respond to customer reviews and comments promptly, and run engaging campaigns or contests. Personalized experiences, such as personalized recommendations based on previous orders or special occasion offers, can also strengthen customer relationships. Additionally, implementing loyalty programs that reward customers for their patronage can incentivize repeat visits and create a sense of exclusivity.
More than 100,000 restaurants have closed since the start of the pandemic and as many as 40% of restaurant owners don’t think their restaurant will make it through the winter if things continue the way they are going according to the National Restaurant Association.
The pandemic isn’t just affecting independent restaurants either. Chain restaurants are just as much at risk as the smaller establishments.
Costs aren’t any Lower
A big part of the problem is not only that sales are down, but costs are just as high as they were before. In fact, some restaurants state their labor costs exceed their pre-pandemic level because of the stricter measures put in place to ensure everyone’s safety.
Relief isn’t Coming
Another big part of the problem is the lack of relief. While the restaurant industry is grateful for the relief they received, it’s not enough to keep them going. They’ve waited as long as they could and now with the winter months upon us and outdoor dining nearly impossible in many areas of the country, more restaurants will hurt in a big way.
More Workers will be Furloughed or Laid Off
The restaurant industry fully expects to have to lay off or furlough even more workers during the winter months. With most restaurants restricted to curbside pickup and delivery, there is a much lower need for employees in the restaurant. Beyond a few kitchen staff and one or two front-of-the-house employees, restaurants can’t afford to keep others on staff for much longer if they want to try to stay in business.
Most restaurants are running at less than 80% of their normal staffing levels and many other restaurants had to pull back even further.
A Bleak Outlook
Restaurants have a bleak outlook for the winter and even the spring months. Even the restaurants that are making it right now have a meager outlook for the future. Only 6% of restaurant owners think things will get better for them by March.
What can Restaurants Do?
Right now without more relief, there isn’t much restaurant owners can do but try their best. They can offer new services, foods, and market their curbside and delivery services, but beyond that, their hands are tied.
They have little money to do much else and have to preserve what they have so they can keep their doors open and potentially keep some staff working.
It’s a bitter pill to swallow for the entire country. No restaurants in any state are doing well right now. Everyone is just getting by, but with the winter coming, everyone can’t help but worry about what comes next.
Who will be the next restaurant to close? Will the government pull through in time to save more restaurants during their time of need? Only time, patience, and a lot of thinking outside of the box will tell what the future holds for our restaurant industry.
If there’s one industry that’s been hit the hardest in COVID-19, it’s restaurants. Between the stay-at-home orders, limited capacities, and stark regulations to stay open, many restaurants are suffering with low restaurant sales.
Luckily there are ways to save your business and boost sales. Check out our top tips below.
Offer online ordering
Everyone does everything online today. If you offer online ordering, you’ll increase the likelihood of sales. People today want convenience. If they look online and can’t find a way to order with you, they’ll move on quickly.
Don’t let that happen.
Here are a few ways to offer online ordering if you don’t already:
Set up mobile ordering on your restaurant’s app
Set up online ordering on your restaurant’s website
Contract with one of the delivery services, such as Grubhub or DoorDash
Offering online services is convenient and it gets your restaurant name out there more. If people aren’t familiar with your restaurant, but they come across it on Grubhub or DoorDash, they may give it a try.
Stay active on social media
Let your customers and future customers know that you care about them and their health. Post updates on social media regarding how your restaurant is handling the precautions. What do you do to keep customers safe?
How are you thinking outside of the box to cater to your customers? That’s what they want to see. They don’t want restaurants pushing sales for the sake of pushing sales. They want to patronize restaurants that are taking the bull by the horns and figuring out a way to get their favorite dishes and drinks in your hands safely.
Here are just a few things to share on social media:
Behind the scenes footage of how you handle the pandemic and everyone’s safety. This is big right now so you can’t post it too much.
New, creative offerings you have whether it’s a package deal to help families have a fun night at home or a new offering that customers have always wanted but didn’t have time to create. We all have nothing but time now.
Specials or deals, especially if they’re time sensitive. You give your customers a sense of urgency that they must come now or they’ll miss a great deal.
Streamline your offerings
With fewer (if any) customers in your restaurant, now is not the time to go all out on ingredients and supplies. Simply your offerings and you’ll make it easier on everyone. Keep the fan favorites and choose a few others. You’ll keep your costs down and simplify the process for your customers, increasing your restaurant sales.
Streamlining doesn’t mean cutting back or making less money. If anything, you may even increase your profits by reducing your expenses and focusing on the dishes, drinks, and products that your audience loves the most.
Here’s what you can do.
Take a poll. Ask your audience what they love the most. Social media is a great platform for this. This way you know you are keeping the right offerings and getting rid of the ones that aren’t so popular right now and may be a waste of your money.
Promote the products you are keeping. You can’t keep everyone happy, there will be people who miss your other products, but promote the items you are keeping. Create urgency in them with specials or even create fun contests, like if you sell X number of a certain dish on a Friday night you’ll offer a special the next day.
Increase your digital marketing efforts
If you’ve relied only on in-person marketing, you could be missing out today. Everyone relies on the internet, especially while they are stuck at home. If you want to expand your reach, you have to get online and promote yourself on social media and even via email newsletters.
Create an opt-in so your customers provide their email addresses in exchange for something. It could be a discount, like 10% off, or something free, like a free cookie with your next purchase. The idea is that you get their email address so you can advertise to them in the future.
Your digital marketing efforts could include:
Email newsletters that have specials, announcements for new dishes, or new offerings. It could also be a way to share with customers how you’re handling the pandemic and keeping everyone safe.
Social media posts and paid advertising. Sponsored posts aren’t as expensive as most people think and since they’re so targeted, they often have a great return on your investment.
Offer healthy options
Today everyone is concerned about staying healthy. Show your customers you are on board with what they need by offering healthy options. Whether you always offered healthy food or it’s a new offering for you, it gives families other alternatives.
Here are a few ways to advertise your new offerings.
Showcase your new offerings on the home page of your website.
Promote the new dishes on social media in a post that talks about COVID-19 and staying healthy.
Stay up-to-date with your customers via email newsletters.
Boost your Restaurant Sales Today
It’s never easy to see sales slipping, but if COVID-19 taught us anything, it’s that we need to pivot our offerings. There are many ways restaurants can serve the community even if you are on stay-at-home orders.
Find out what your audience wants and needs and find a way to do it. The restaurants thinking outside of the box, creating new offerings, and finding ways to serve their customers are the restaurants that will survive the pandemic. Are you one of them?
Your restaurant marketing determines your restaurant’s success, especially during the pandemic. Life is difficult for so many industries but with the right steps, you can increase your sales, especially if you think outside of the box.
Here are seven tips for marketing your restaurant in 2020.
Create a Website
Everyone uses the internet to make decisions today, including restaurant decisions. If customers can’t view your menu and read about your restaurant online, chances are they will pass you up.
Your website can be as simple or as elaborate as you want. Think of it as your chance to show off what you do well. What do customers love the most about your restaurant? Try to capture that in photographs and videos. This is your time to shine.
In addition to photographs and videos, make sure your website includes a menu, online ordering capabilities, and a room for customer reviews.
Be Active on Social Media
Get your restaurant on every social media site including Facebook, Instagram, and even Tik Tok. Not only is this a chance to show off your food and drink, but there’s no better way to spread the word (for free) than when people share your social media posts.
Make your posts engaging, exciting (hot offers), and informative. Create a good balance between behind-the-scenes posts, hot deals, and pictures/videos of your favorite food and drink.
Don’t make your social media too salesly, make it the perfect balance between infuriate and sales.
Set up a Customer Loyalty Program
Nothing encourages customers to become loyal customers than a loyalty program. When they can get free items, they’ll be more likely to frequent your restaurant.
Set up your loyalty program and advertise it by offering something free or a small discount on their first purchase. For example, offering a free drink or free cookie with sign up probably doesn’t cost you much, but gets many more people interested in your program.
Set up Daily Specials
Now is a great time to entice customers with daily specials. Make it fun! Taco Tuesday and Margarita Monday are just a couple of ideas. Get creative with the food you offer and make daily specials.
If you want to switch them up, play with the weather, the day (look at the National Days schedule) and make your specials around those items. It brings awareness to your restaurant and gets more people to come in when they know they are getting a great deal.
Promote your Gift Cards
If your customers aren’t comfortable ordering food out right now, encourage the purchase of gift cards.
Now’s a great time to offer deals, such as Buy $100 in gift cards, get $10 free or Buy $100 in gift cards and get a free soup. Customers love anything free and it may entice them to buy your gift cards. When customers buy gift cards it’s almost a guarantee they’ll be back and they may even spend more than the value of the gift card when they are there.
Create Meal Kits and Family Meal Deals
Today everyone’s looking for a deal. If you want to make the most of your restaurant marketing efforts, create deals for large families.
Everyone is trying to save money today, but at the same time, you want them spending money at your establishment. Make it affordable for them to grab carryout or even meal kits and create special memories with their families.
Most restaurants today have family meal deals that give families everything they need in one meal for a great price. Think of soups, salads, and a meal or the main meal, drinks, and dessert.
If you want to do meal kits, create fun themes that families can do together. Fajita kits, pizza kits, and taco kits are all favorites, but of course, figure out what fits within what you offer.
Give to the Needy in your Area
Show your restaurant’s ability to care for your community by giving to the needy in your area. You can do this in several ways:
Give away a certain number of meals. Maybe give X meals for every X number of meals purchased by customers.
Donate unsold food at the end of the night to the local homeless shelter.
Offer some of your products to the local food banks.
Showcase your support on social media and get your customers to join in on your efforts. You’ll show your compassion for the community and increase your sales at the same time.
Organize Events (if you can)
If your area allows events, organize one for your restaurant. Even if it’s a socially-distanced event or an in-car only event, bring the customers out.
Some restaurants rented a large movie screen and created their version of the ‘drive-in movie.’ You charge for the movie and sell specific food and drink items and you can increase your sales significantly.
Movies aren’t the only option – there are many other events you can organize even socially-distanced events if you think outside the box.
Think about what your community loves and find a way to make it happen.
Restaurant Marketing is the Key to Success
Restaurant marketing is the only way to stay competitive today. With so many people home and thousands of other restaurants vying for the same attention, you need to step up your game.
Find ways to market your restaurant so your reach goes farther and wider than ever before. Let customers know what you offer, what sales you’re having, and how you think outside to box to help the community during the COVID-19 pandemic.
Frequently Asked Questions
How can I effectively use social media to market my restaurant?
Social media is a powerful tool for restaurant marketing. Start by creating engaging content, such as mouth-watering food photos and behind-the-scenes videos. Interact with your audience by responding to comments and messages promptly. Utilize popular platforms like Facebook, Instagram, and Twitter to run targeted ads and promotions. Collaborate with influencers or local food bloggers to reach a wider audience. Finally, encourage user-generated content by hosting photo contests or offering special discounts for customers who share their experiences online.
What are some offline marketing strategies I can implement for my restaurant?
While online marketing is crucial, don’t underestimate the power of offline strategies. Utilize traditional marketing methods like print media (newspapers, magazines), radio ads, and direct mail campaigns to target local audiences. Sponsor local events or sports teams to increase brand visibility. Consider partnering with nearby businesses for cross-promotions or hosting community events at your restaurant. Don’t forget to distribute well-designed business cards and flyers in strategic locations, such as local tourist information centers or hotel lobbies.
How can I improve my restaurant’s online presence?
To enhance your restaurant’s online presence, start by creating a visually appealing and user-friendly website. Optimize it for search engines by using relevant keywords and incorporating local SEO strategies. List your restaurant on popular online directories and review sites like Yelp and TripAdvisor. Encourage satisfied customers to leave positive reviews and respond promptly to any negative feedback. Engage with your audience on social media and regularly update your profiles with enticing offers, events, and new menu items. Consider investing in paid online advertising to further boost your visibility.
How important is customer loyalty in restaurant marketing?
Customer loyalty is vital for any restaurant’s long-term success. It costs significantly less to retain existing customers than to acquire new ones. Implement a loyalty program that rewards customers for their repeat business. Offer exclusive discounts, freebies, or special perks to loyal customers. Personalize your marketing efforts by sending targeted emails or SMS messages to your loyal clientele, informing them about upcoming promotions or new menu items. Additionally, provide exceptional customer service consistently, as positive experiences will encourage customers to keep coming back and recommend your restaurant to others.
COVID-19 has affected restaurants harder than many other industries mainly due to the lack of cash flow. Not that restaurants aren’t making the money, they just make it differently. Most payments are electronic to avoid the risk of passing germs with cash (not necessarily because of the lower accessibility of it).
That leaves restaurant owners and wait staff with a problem. How do they get paid? If there’s no cash, owners have to run to the bank, which isn’t as easy as it used to be thanks to the pandemic. Wait staff, who deserve to have their tips right away, are now forced to wait, sometimes as long as two weeks until they receive their paycheck.
Fortunately, many restaurants have started tipping virtually, here’s what that means.
eTipping is an Option
Many restaurants have turned to eTipping, similar to what Uber and Lyft offer. At the end of the night when the restaurant closes out the tabs, they electronically send your tips to your bank account. You should have the funds within a day (usually less) this way.
Here’s the problem.
It doesn’t work for every restaurant or employee, for that matter. If an employee doesn’t have a traditional bank account, it could cause more trouble than it’s worth.
Pay Cards
Another more common solution is pay cards. They work like debit cards and restaurant owners can load the cards with the appropriate tips at the end of each night. Employees then have the money available on a card that they can use like a debit card.
Here’s the problem.
Not all retailers or businesses accept all cards. Many pay cards also have fees, sometimes a monthly fee and sometimes a fee for each use. This reduces an employee’s pay, which right now is the last thing anyone needs.
The Benefits of Electronic Tipping
No matter which method you choose, there are many benefits of electronic tipping including:
You don’t have to worry about cash flow. With fewer customers paying cash, you’d have to constantly run to the bank to payout tips in a timely manner.
You don’t have to resort to payroll tips. Waitstaff and bartenders are used to receiving tips the same day they earn them. Making employees wait until payday would mean putting them off for 2 weeks. This could cause bill paying problems and financial destruction.
There’s a lower risk of mistakes and theft. Dealing with cash is risky business. Withdrawing large amounts of cash and doling it out creates plenty of room for errors, misplaced cash, and even theft.
Virtual tipping isn’t as ‘new age’ as it sounds and it could be more beneficial for restaurant employees in the long run. Restaurant owners must work out the kinks, find the right program that suits their employees, and make sure it’s an easy enough system to adapt during these trying times when every aspect of our lives are changing whether we want it to or no.
China made a surprising decision when they postponed Ant Group Co.’s IPO. The decision caused Hong Kong shares to plummet and made investors wonder about the financial future of the fintech company.
The postponement came after a meeting between one of Ant’s founder and Chinese regulators. The Shanghai Stock Exchange also removed the company from its listing. They claim it’s due to disclosure and listing condition issues that Ant Group can’t meet.
Why did it happen?
Jack Ma, a co-founder of Ant Group, openly told Chinese regulators that they were excessively risk-averse and it didn’t live much room for innovation. This move was a first for Chinese regulators, though, especially the night before such a large IPO release.
According to the Shanghai Exchange, recent changes in fintech regulatory may make it hard for Ant to pass the requirements. This mostly pertains to the information disclosure.
What Would the Changes Do?
The new regulations put the squeeze on Ant and many other fintech companies. Ant specifically would face new rules requiring them to have more cash reserves for the loans it offers. This would put more credit risk on the company.
Is that the reason Ant Group IPO was canceled? It’s yet to be determined. Some think it’s a power move by Beijing to remind Ma that they are in charge. The move was still drastic on China’s part as it hurts capital markets as a whole, but it could be a precedent they are trying to create.
A Detrimental Move for Ant Group
The move to pull Ant’s IPO cost them over $3 trillion in orders that were pending from retail investors between its two listings. In China alone, the listing would have brought the company $34.5 billion, making Ant worth $313 billion. This would have been one of the largest IPO releases in history.
As far as Ant Group is concerned, they feel they will rise above. They will continue to converse with regulators, figure out what they need to do, and come back stronger than ever.
Today, shopping retail and even picking up food at a restaurant looks different. Most customers prefer contactless payments and curbside pickup. They are the norm – they are expected. Contactless payments are just one more way to reduce the risk of sharing the virus. With less cash flowing around, the risk lessens, especially when consumers can pay online before they arrive or can use a digital wallet, like Apple Pay.
Curbside pickup used to be a luxury and one that not many customers used. COVID-19 turned the tide on it and so far it looks like there is no going back. Stores and restaurants need to offer curbside (touchless) pickup if they want to remain competitive.
Adopting Contactless Payments
Most stores and restaurants accepted the standard payments – credit and debit cards and some accepted digital wallets, but not many. Fast forward to today and it’s rare to see a business that doesn’t accept contactless payments, whether online payments, digital wallets, or direct transfer from PayPal or Venmo.
Consumers look for those extra payment options. They want the choice of how they’ll pay whether it’s online or in person. Everyone’s looking for contactless payments so even if they shop in-store, they don’t have to touch the credit card machine that everyone else touched too.
Curbside Pickup is the New Norm
Customers today want to walk into a store as little as possible. Rather than paying shipping costs and waiting days for it to arrive, they want instant gratification with curbside pickup. This means two things for retailers:
Your inventory system must be up-to-date in real-time all the time. You can’t have customers buying products to pick up that day only to find out a few hours later that it’s not in stock. You won’t have happy or repeat customers.
You need a seamless curbside pickup routine. This may mean hiring more staff, setting up new procedures, and creating new routines. The key is keeping a steady flow in the lot, and getting customers their items fast.
Buy Now Pay Later Plans are Important Too
During these trying times, many consumers need help. They don’t want to change their normal holiday shopping routine and give less during such a treacherous time in our lives, but many can’t afford it.
Buy Now Pay Later options give customers more choice. They can shop like they used to despite not having the cash resources today. Adding Buy Now Pay Later options on your website makes it easy for customers to apply in the privacy of their own homes. With an instant answer, they’ll know their options without facing anyone face-to-face.
Getting with the Times
COVID-19 changed a lot for retailers, and the changes are continuing. It’s important to adapt to what consumers need today to keep them and yourself safe, but also your business thriving. The right business model will help your business get through the pandemic and all that it’s changed.
COVID-19 changed so much for millions of people, but retailers were among the hardest hit. Now that the holidays are upon us, retailers must act smart and fast. What happens in the last quarter of 2020 could make or break your business.
So how can you succeed during the holidays? Check out our hottest tips.
Have an Online Presence
Every business, even small brick-and-mortar stores need an online presence. Millions of consumers will shop online this year and skip in-person shopping altogether. Not having an online presence could be the difference between staying in business or not.
If you already had a website now is a great time revamp, update, or otherwise make it better.
Make Sure your Website is Fast and User Friendly
Your website must be able to handle a lot of traffic and your staff able to handle the influx of shipments, deliveries, and returns, all while providing great customer service. If shoppers are frustrated at your website speed, they may move onto a competitor.
Aside from speed, think of user-friendliness. How easy is it to use the website? Can all customers (including new customers) find what they need quickly? Is it easy to spot where and how they can contact customer service?
Offer Valuable Services
Today, consumers want to know what you’ll do for them that goes above and beyond the norm. Sure, they can order online, but what else do you offer?
Here are a few ideas:
Curbside pickup for contactless service
Real-time inventory updates for better service
Offer more payment options including ‘buy now pay later’
Staff accordingly so you can answer customer questions, provide timely curbside pickup times, and offer any other necessary support
Market your Business
Don’t forget in the madness of the holiday rush, all the changes, and observing COVID-19 regulations, to market your business.
All businesses will be operating online and hoping for the same target audience. Find a way to stand out from the crowd. What do you have to offer that others don’t? Focus on that when you market your business.
Don’t forget to get on social media – all platforms including Facebook, Instagram, and even Tik Tok if you have a young audience. Offer specials and give other reasons to get your company ahead of the market.
Get Ahead of the Market
This year will look different than any others. Black Friday may not bring in the same numbers in-store, but you can do the same thing online. Appeal to your audience who feels more comfortable staying home and prepare yourself now.
Most customers are shopping early this year – don’t miss the opportunity to grab the sales now, earlier than ever, and build trust in your customers. Don’t use this as a time of trial and error, but rather a time to find a solution to the problem that all businesses will face today – satisfying both the in-person and online customer to the same level.
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