Finance Monthly - December 2021

55 Finance Monthly. F i nanc i a l Innov a t i on & F i nTech products or services – they want their needs anticipated, with offers and product suggestions tailored to their tastes. Square Loyalty lets businesses reward customers wherever they choose, whether that’s in-store or online, encouraging repeat customers through the implementation of a loyalty program built into the point-of-sale. One of Square Loyalty’s key features is that it enables omnichannel selling. Would you say that there’s now a greater need for businesses to adopt omnichannel selling than there was pre-pandemic? There is undoubtedly a higher demand for omnichannel selling since the start of the pandemic. Our recent UK research report, The Future of Retail uncovered that 97% of consumers now make monthly retail purchases online and 73% have bought products directly from social media in the past few months. These insights demonstrate that omnichannel selling is here to stay even now that in-person shopping restrictions have been lifted. Not only this, but eCommerce is also becoming an essential offering for businesses, who, without it, fail to tap into a significant portion of their customer base. Square Loyalty helps businesses accommodate this trend by providing an integrated solution to enable omnichannel outreach and sales. Customers like the ease and convenience that comes with online shopping, but many still value in-person shopping in physical stores. Our same report shows that consumers missed various aspects of shopping in person during lockdown such as browsing through the stores for products (54%) and trying products in store (34%). This is where the benefits of an omnichannel offering come in for customers – they don’t have to choose either/ or, but rather have multiple, integrated options open to them at their favourite businesses. For example, they may purchase an item online and then collect it from a physical store of their choosing. Ultimately, omnichannel is about meeting customers where they are and – if done successfully – creates loyal customers. With the pandemic still ongoing, it’s likely the demand for omnichannel will only increase as consumers continue to adapt to the ‘new normal’ that involves balancing both everyday activities – like shopping – with existing restrictions and health & safety measures. What would Square like to achieve over the next 5 – 10 years? Whether in five years or 10, our mission will remain to put our sellers at the heart of everything we do through our purpose of economic empowerment. As technology advances and consumer demands change, our products will evolve along with them to ensure business owners have what they need to easily create the ideal user experience for their customers. Tools like Square Marketing and Square Loyalty are critical in helping shape this trend, by allowing business owners of all sizes and sectors to tap into the changing needs and demands of consumers. Such tech is also crucial to not just building growth, but also supporting the resilience needed to thrive during unforeseen challenges. Credit: www.squareup.com