Square for Retail

Square Release Omnichannel eCommerce Report For 2021

Square has released a new report on Omnichannel eCommerce which looks at how Square’s latest tools and features can help merchants connect with their customers across a range of different channels.

Omnichannel eCommerce is by no means a new concept, however, after the pandemic year of 2020 and more buyers being forced online, having a true Omnichannel strategy has never been more important.

“Today, we simultaneously live online and offline and there’s no longer a separation between the two We believe that any omnichannel strategy needs to be rooted in the customer experience and meet buyer expectations of digital, frictionless interactions. This will further enable merchants to stay connected to their customers, establish new and existing relationships, all while building their brand.”

Saumil Mehta, General Manager of Customers, Square.

The Square report looks at 3 main areas of Omnichannel eCommerce:

Customer Loyalty

  • Customers who enroll in a Square Loyalty rewards program are twice as likely to be repeat customers and spend 37% more.
  • Nearly 50% of sent loyalty messages resulted in points being redeemed, while 15% of loyalty points were redeemed within one week of a message being sent.
  • 35% of a merchant’s customers who made a transaction in January were enrolled or did enroll in their loyalty program and that number increased to 39% in August.
  • Interactions such as loyalty program enrollments, earning points, and redeeming points, primarily happen in-person, especially following the rollback of social distancing requirements as more consumers return to physical stores.

Omnichannel Marketing

  • In January, almost 50% of coupons and discounts sent through Square Marketing were redeemed within one week, while that increased to 78% by August.
  • Marketing members that open a coupon spend almost 60% more than those not enrolled in the marketing program.
  • Online redemptions have increased by 40% and in-person redemptions have increased by 37%, showcasing the need to give consumers options in where they redeem.
  • On average, 34% of a merchant’s customers who made a transaction were enrolled in their marketing program.

Mobile / Social Shopping

  • Consumers are increasingly turning to social media to shop. In order, Facebook, Instagram, and Google were the top three sites consumers used by shopping through Square Online Checkout. Whereas in July and August, Linktree made its way into the top three.
  • More than 75% of Square Online Checkout links are accessed through Facebook, making it by far the most popular channel.
  • Instagram minisites, where businesses turn Instagram feeds into a shopping sites, have also gained popularity among social-selling avenues. Square has seen a 29% increase in weekly active sellers using this channel.

For those interested, you can read the full report from Square here.

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