Merchants Reveal Top Multi-Channel Concerns

By Pete Rizzo (@pete_rizzo_)  

Despite the increased emphasis on multi-channel strategies this holiday season, 75 percent of merchants say their physical location remains their primary commerce channel, according to a newly issued white paper from payment processing specialist SecureNet and electronic payments advisory firm First Annapolis.

The finding is notable as more than 50 percent of merchant respondents reported that they have an eCommerce presence, and roughly 20 percent indicated they have a mobile application that accepts payments.

SecureNet and First Annapolis revealed that eCommerce and mobile channels, while not yet mature, are taking hold. Sixty percent of small and large merchants are adopting multiple channels to reach consumers. Further, 16 percent are conducting commerce in three channels, while 8 percent are operating in four channels or more.

The comprehensive white paper did more than simply ask merchants how they’re selling, however. It examined the pain points that are preventing merchants from adopting web and mobile solutions at the point of sale, as well as the factors that are pushing merchants toward these investments.

For more data on both small and large merchants and their multi-channel concerns, we break down SecureNet’s “Multi-Channel Merchants & Payments.”

Merchants Reveal Multi-Channel’s Bright Future

SecureNet found that while physical locations, websites and telephone orders currently account for 90 percent of merchant revenue, merchants don’t expect these channels to dominate commerce for long.

Merchants ranked their physical location, website and mail/phone channels as the top three ways to reach consumers in the white paper. Thirty years from now, though, they expect websites, physical locations and mobile websites will be the top channels, respectively.

SMBs Voice Omnichannel Needs

The study further surveyed small business owners to identify their top concerns about operating in a multi-channel environment. SMBs indicated that access to an easy-to-read report and the ability to understand cash flow across all channels were the two most pressing issues they expect future solutions to solve.

“The average small business owner is not and does not want to be an expert on payments,” the report authors wrote. “A small business owner is a jack-of-all-trades and … a key need for small business owners, with respects to payments, is simplicity and ease of use.”

Tailoring Solutions To Large Merchants

Large merchants, perhaps unsurprisingly, were found to have unique multi-channel needs. Forty-five percent of large merchants cited issues facilitating returns across channels, while 64 percent said inventory control was their most pressing concern.

What are the top concerns large merchants harbor when it comes to implementing multi-channel solutions?

For this answer as well as access to a host of additional facts and figures about how multi-channel solutions can be best aligned with the needs of both small and large merchants, download your copy of “Multi-Channel Merchants & Payments” here.