One-stop shopping is about having a go-to place which is your first choice when it’s time to shop.
That “place” can take different forms:
1. It can be a huge online store like Amazon. 66 percent of consumers typically start a search for new products on Amazon, and 95 percent of those people say they’re “satisfied” with the results that come up, according to new statistics. If your online store has been relying on SEO to get customers, it’s obviously a problem when people bypass Google altogether, going straight to the shopping environment.
2. Your one-stop shop could also be a social app – like WeChat. In China, tons of people use the social app WeChat to book a cab, order food, make doctor’s appointments or buy products. 800 million (!) people have bank cards linked with WeChat Pay. There’s nothing similar in the Western world yet, but according to this article, Mark Zuckerberg wants to be the one to build a WeChat for the West.
3. One-stop shopping can also take the form of an environment that offers superior shopping convenience in other ways. This is an area where Klarna is now innovating. Keep reading.
What’s worth paying attention to
One-stop shopping is a powerful phenomenon, but it’s certainly not a passing fad. In fact, it’s been around for thousands of years. The largest covered shopping centre in the world, The Grand Bazaar of Istanbul with more than 58 streets and 4,000 shops, was built in the 15th century.
Online, shopping has been fairly “scattered” for many years, with consumers having to flit between a myriad of different shopping environments to get what they want. Now, however, an obvious trend is emerging:
More and more people are enjoying the convenience of one-stop shopping online – be it Amazon, or another sort of shopping universe that makes purchases and payments quick and easy.
At Klarna we have noticed this behavioral shift clearly; once a consumer has paid using Klarna, they are much more likely to choose Klarna again, and as soon as consumers realize that a product can be bought with Klarna, a purchase is more likely to occur. This behavior is something that retailers in London are already taking advantage of. To attract more high-spending Chinese tourists, four leading shops behind Harrods in London – McKenna & Co, Lalage Beaumont, Grace Han and Gladwell Patterson – are rolling out acceptance of WeChat Pay and AliPay.
These stores have learned the value of offering a familiar and convenient shopping environment for their customers. If you don’t embrace this trend, you will need to fight harder to get customers and will probably miss out on sales. However, if you do make it easier for consumers to find and buy from you, it will be good for your business.
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What Klarna is doing to help you as a merchant
As a merchant, you can take advantage of the strong relationship many consumers have with Klarna. More and more consumers see Klarna not only as a smoooth payment method, but also as an entry point for smoooth shopping overall.
The Klarna app – launched in Sweden in October 2018, and in the US in March (more countries to be added later this year) – is quickly gaining popularity. It allows consumers to pay later in any store online, anywhere in the world, create cross-platform wishlists, and be notified when the price drops for selected items, along with other things.
Michael Yee, the product manager for Klarna shopping, says:
“The vision for the app is to be a one-stop shopping app for all your shopping needs. Each merchant has their own branding within the app, and can push offers to consumers, as well as get free traffic. We are building an environment for developing relationships with existing customers while also attracting new ones with videos and live streams, influencer campaigns, promoted products and so on. The app will help merchants fulfill their customers’ shopping needs in inspiring and smoooth ways, including helping them to keep track of deliveries and returns. Klarna merchants will have the benefits of a much more integrated experience overall, with better conversion, higher retention and significantly lower administration costs.”