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Rising digital dependency has amplified contactless shopping and the use of online payment solutions, prompting retailers to strengthen such capabilities across store outlets. Foot Locker, Inc. FL is also striving to boost digital payment solutions and thereby enhance consumers’ shopping experience. This well-known athletic shoes as well as apparel products company is implementing FreedomPay's advanced payment solutions across more than 2,000 stores in the United States. The facility will boost the company’s in-store payment solutions. Let’s delve into this latest development and also the company’s different strides to boost omni-channel offerings.
Strengthening Digital Capabilities Bodes Well
FreedomPay’s leading commerce solutions is preferred by thousands of merchants internationally. It will now work with Foot Locker for providing advanced, safe and secure in-store payment experience for millions of customers in the United States. The new contactless payment system enables customers to have complete control over checkout. The system allows customers to avail contactless payment methods and digital wallets, including PayPal/Venmo, through their own devices.
Consumers’ are inclining toward enhanced digital payment system that not only facilitate online cash transfers, but is also simple to use and provides high-level security. FreedomPay’s suite of technology offerings helps achieving these goals. Clearly, the implementation of such solutions will help Foot Locker provide a seamless in-store shopping experience for its customers.
In addition to boosting digital capabilities across stores, Foot Locker has been on track with adding new functionalities online. In this context, it has activated a Shop My Store feature on its website. Moreover, the company added Apple Pay and Google Pay to its digital payment options for providing greater flexibility as well as convenience to customers.
The company’s investments toward strengthening the digital business have been yielding favorably. During the fourth quarter of fiscal 2020, its digital business registered double-digit growth. In fact, it saw digital sales rise triple digits across the regions that were heavily affected by store closures.
Other Prudent Growth Endevours
Foot Locker focuses on effectively managing inventories and improving supply chain operations to attain greater productivity and efficiency. Apart from these, the company is focusing on strengthening assortments. Its fourth-quarter fiscal 2020 performance was supported by a solid product pipeline, exciting holiday campaigns and healthy demand from customers. These aspects aided full price sell-through and higher inventory productivity. Also the company is focusing on bolstering business internationally. In this context, it is expanding footing in the Asia Pacific. Moreover, its direct-to-consumer channel has continued to remain robust.
Such well-chalked efforts along with technological upgrades online and across stores, keep this Zacks Rank #3 (Hold) company well positioned for growth in the forthcoming periods. Shares of the company have gained 29.1% in the past three months compared with the industry’s rise of 15.4%.
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