The Department Store has had mixed fortunes in recent years. Some major names have exited the market while some continue to struggle. However, there are also those who are thriving in the post-pandemic era – and in the case of our beloved M&S are reviving in the most positive way.
So what is it that is separates a successful department store from a struggling department store? It’s the same that it had always been, a good experience. The difference these days, however, is that good experience has to run across a multitude of different channels from the store to the website to the app to the social media. Every touch point needs to be on point and they all need to inter-connect.
Shopping platform Klarna doesn’t just support and enhance shopping via e-commerce, which is perhaps what it is best known for, but can also drive business in your stores and your virtual shopping channels.
By offering the same flexible payments options in-store as they do online, retailers can boost the purchasing power of in-store shoppers. Klarna’s data shows that on average the order value from an in-store customer using its payment option is 118% higher than one who does not. It is perhaps not surprising then than more than 79,000 physical stores are now offering Klarna.
What’s more there are more than 150million global shoppers using Klarna, and they can be driven to shop at a retailer’s physical store via its in-app map search and through location-based alerts. All the information needed, from opening times to offers and addresses.
Once in-store, customers can enjoy the same enhanced product information they can read on your website by scanning a barcode to access data such as with popularity and carbon footprint or background on craftsmanship behind the manufacturing process.
One of the big benefits of shopping in-store is the ability to speak to a sales associate for personal advice and assistance. The standard of service in department stores is renowned for being industry-leading and via Klarna, retailers can bring that same experience to customers shopping virtually.
More than 200 brands globally are already using Klarna’s Virtual Shopping service to allow them to connect in-store experts to customers to offer advice and inspiration via Messaging and Video Chat.
This approach can supercharge the average order value with virtual shoppers spending on average 16% more and order conversion is increased by 34X.
Klarna for Business has partnered with TheIndustry.fashion on the ‘The Department Store Re-imagined’ project, which is centred on a landmark report examining the history of the department store and examining the role this most resilient of retail formats in today’s market and how it is set to play a vital role in the future of omnichannel retail.
To download your FREE copy of ‘The Department Store Re-imagined’ report, please click here.
To find out more about Klarna for Business please visit here.
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