After a year of nothing but the unexpected, the 2020 holiday shopping season was generally pretty predictable. Even without taking the impact of the COVID-19 pandemic into account, the industry saw the continued move away from in-store cash sales to digital and omnichannel experiences, which began several years ago.
2020 Holiday Shopping by the Numbers
$10.8 Billion (in one day)
31% of sales on a phone
1 in 4 picked up orders
Takeaways for POS and Payment Solutions Providers
Takeaways from the 2020 holiday shopping season statistics for point of sale (POS) and payments solutions providers include:
- Merchants need an integrated, omnichannel payments system
Consumers are finding the most convenient paths to purchase. That could mean anything from stopping at a store to quickly pick up an item and using self-checkout or researching a major purchase, confirming availability and ordering it online for in-store pickup or delivery. Furthermore, consumers expect all options to be open to them. Your clients need a full-featured omnichannel payments platform that gives them the flexibility to do business however their customers prefer.
- Websites and apps must be easy to use
Skyrocketing e-commerce and mobile commerce underscore the importance of optimizing websites and apps for all devices. Ensure the payments solution you provide contributes to seamless digital shopping experiences.
- BOPIS and curbside pickup are mainstream
Consumers expect the ability to order online and save shipping fees by picking up their orders in-store. Optimizing experiences for these customers takes robust inventory and supply chain management solutions, efficient in-store processes, and payment solutions that make the process smoother, even if they decide to return the item for a refund immediately.
- Your clients need the right hardware and devices
New processes require new tools. Work with your clients to take stock of their hardware and peripherals and whether they’re right for new ways of doing business. Also, consider offering additional solutions, such as label printers that can help organize orders for curbside pickup.
- Merchants need unique software suites
Retailers have taken a variety of approaches to adapt operations to continue to do business during the pandemic and maximize revenues during the holiday shopping season. Because there is no set way to engage consumers, influence buying decisions and make sales, there is no one solution that will be right for every one of your customers. Take advantage of integrations with third-party and value-added solutions, such as gift and loyalty, CRM, marketing and customer feedback solutions that enable your clients to create great customer experiences and operate more efficiently and profitably.
- POS and payments solutions directly impact competitiveness
With more retail activity taking place digitally instead of in brick-and-mortar locations, POS and payments solutions will play a bigger role in business success. Retailers who don’t have updated technology will lose out to their competition that can meet their customers’ demands.
Take Action Today for a Great 2021 Holiday Shopping Season
Now, with the dust settling after the 2020 holiday shopping season, it’s a good time to reevaluate the solutions you offer merchants. Then, if needed, update your offerings with new features or integrations that can help your clients achieve greater success.