Expanding Acceptance - From Bricks to Clicks to Hybrid
In today's interconnected world, digital technology seamlessly integrates into every aspect of our lives, blurring the lines between physical and digital experiences. Consumers seek the best of both worlds—the convenience of online shopping combined with the tangible engagement of physical retail.
As consumer behavior evolves, shoppers demand more and are quick to move on if their expectations aren't met. For instance, merchants that fail to offer diverse payment options and mobile-friendly websites risk losing three out of four shoppers1. Therefore, integrating seamless payment solutions is crucial for merchants to meet these expectations, drive loyalty, and minimize the risk of cart abandonment.
Enter the Click-and-Mortar Model
Today, Click-and-Mortar shoppers are the fastest-growing shopper segment globally2. This hybrid approach caters to a new breed of savvy consumers who combine digital tools with physical locations, leveraging features like product research, availability checks, payment, and pickup without distinguishing between online and in-store experiences.
The 2024 Global Digital Shopping Index by PYMNTS and Visa Acceptance Solutions shows that more than half of consumers in the GCC region – specifically Saudi Arabia and the UAE - prefer Click-and-Mortar, significantly above the global average of 39%.
By embracing Click-and-Mortar, merchants can offer experiences that today's consumers demand. This involves integrating digital features into physical stores, such as contactless payments, mobile apps, digital coupons, loyalty programs, and efficient inventory management, while enhancing online presence with detailed product information, free shipping, online returns, price matching, and buy-now-pay-later options.
Uplifting Acceptance
Visa, a leader in payment solutions, is committed to helping merchants navigate evolving retail dynamics whilst overcoming the challenge of complex technologies. The Visa Acceptance Solutions suite includes the Visa Acceptance Platform and Tap to Phone, tailored to meet the needs of Click-and-Mortar businesses.
• The Visa Acceptance Platform offers a single connection to an extensive marketplace of technology and payment service providers that can help companies to design payment solutions to suit their business - without the hassle or expense of building and maintaining them in house. Whatever the sector and however large or small, Visa can help create the specific payments solutions tailored to customer needs.
• Visa's Tap to Phone technology allows merchants to accept contactless payments using a certified smartphone, eliminating the need for additional, often costly, hardware. This technology is live in 121 countries, with over 6.7 million active terminals and $8.5 billion in payment volume over the past year.
Specifically, Visa Acceptance Solutions tackles several key challenges for merchants, including:
• Complex Payment Integration: Developer Assist simplifies integration, easing the adoption of advanced payment solutions.
• Operational Inefficiencies: The new Authorize.net UI streamlines transaction management and daily operations, enhancing efficiency.
• Inconsistent Experiences: Visa ensures merchants can offer consistent, modern payment options, meeting the demands of Click-and-Mortar shoppers without overwhelming them with complexity.
Expanding Acceptance in the Click-and-Mortar Era
Visa's mission is to be the best way to pay and be paid, everywhere. This involves ensuring consumers can use their preferred payment methods across all channels—online, in-store, or hybrid.
Visa’s acceptance network, which has grown from 3 million merchants in 2018 to over 12 million in 2023 across the CEMEA region, is foundational to this mission. And with approximately 60 million potential merchant locations in CEMEA that could benefit from digital payments, there remains ample room for expansion.
By bringing acceptance to more merchants and consumers across the region, everyone benefits. For merchants, this means enabling more sales opportunities and reducing operational costs, while consumers can enjoy consistent, convenient, and secure shopping experiences.
Click-and-Mortar stands as the cornerstone of future commerce, and Visa's innovative suite of Acceptance solutions are primed to pave the way for expanded acceptance, growth, and success.
The future of retail is here. Is your business equipped to lead the way?
Discover more about the future of commerce: go to PYMNTS
For more insight on how Visa Acceptance Solutions can help grow your business, go to Visa Acceptance
Stay current with the latest payments insights from Visa Navigate CEMEA - subscribe today.
All brand names, logos and/or trademarks are the property of their respective owners, are used for identification purposes only, and do not necessarily imply product endorsement or affiliation with Visa.
1PYMNTS & Visa Acceptance: Global Digital Shopping Index - The Rise of the Click-and-mortar Shopper and What It Means for Your Business. 2024
2PYMNTS & Visa Acceptance: Global Digital Shopping Index - The Rise of the Click-and-mortar Shopper and What It Means for Your Business. 2024
Share Feedback