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Retailing in the time of Covid

May 19, 2020 at 11:00 AM

We’re living in strange retail times. With Covid lockdowns in place, shops shuttered or reopening under strict rules and supply chains under stress, retailers are looking for new ways to reach customers. Yet it’s important that any quick fixes are both quick and a fix as well as being fit-for-purpose now and in the future.

Retail is a seemingly simple business. It’s about stocking what people want to buy, when, where and how they want to buy it. Yet we all know that when something appears simple, all the complexity is hidden behind the scenes.

Coronavirus has created massive demand and supply shocks. It’s also helped expose some of the complexities of modern-day retail. For example, managing just-in-time logistics, integrating sales channels, running a store estate and employing a workforce.

With all but essential stores closed or reopening under restrictions in many countries, retailers are looking for new ways to reach customers. Many of PXP Financial’s retail customers already have transactional websites, and are looking to sell more online. Others want to set up a web presence.

Either way, PXP Financial offers modular and configurable systems, which means retailers can scale up or launch quickly. They can also turn on additional sales channels post-launch, if they need to.
 

To Covid and beyond

If you already process via PXP Financial’s ANYpay secure payment gateway, omni-channel retailing is a quick fix that’s both quick and a fix. It’s also a Covid workaround that’s future-proofed.

PXP delivers a many-into-one proposition with a single statement, settlement date and set of rates to minimise payment admin and reconciliation. Reports are available in real-time for a holistic view of your business — all on a single contract.

That’s because we believe that if you trade across multiple channels with multiple payment methods, currencies and acquirers, there’s no need to multiply back-end costs, complexity and admin, too. It’s just quicker, simpler and cheaper that way.

PXP’s tokenization system also helps power omni-channel. It replaces sensitive card data with a token for use across various front- and back-end systems. This works across sales channels, geographies and sub-brands within your group. So, you can easily match sales with refunds or release online orders for collection using tokens instead of real card data.

This is obviously much more secure than having real card data on your systems. It also helps power loyalty as it’s a unique way to identify customers across your systems. For example, sending an offer to customers that have purchased in-store to encourage them to shop online. Tokenized data can also be analysed internally, more so than real card data in the clear. This is useful for uncovering buying patterns and trends to plan marketing activity.

Want to know more?

To request a free 30-minute consultation on diversifying your sales channels during Covid and beyond, email sales@pxpfinancial.com or complete your details on the contact form below.

 

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Tags: Retail

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