The Magnetic Synergies of the One-Stop Shop
As markets evolve, so do customers. Every day, we become more accustomed to efficiency, convenience and innovation, demanding these qualities from all sellers and providers.
This increasing search for integral customer experiences results not only in improved buyer journeys for consumers, but also creates a virtuous cycle generating benefits for the company or conglomerate.
This is why the one-stop shop model has taken retail spaces by storm, becoming the backdrop for integrated customer experiences.
But, what's a one-stop shop?
At its core, the one-stop shop is a retail location where customers can find anything they need.
Convenience stores are a perfect example, packed with everything from batteries to sodas.
Yet, modern consumers need more than old-fashioned goods and products. They’re looking for omnichannel experiences through which they can access a company’s full suite of products and services. To put it in perspective, a service that cannot be reached through the omnichannel is as good as nonexistent for most customers.
This is why one-stop shops are in vogue for service providers like banks and travel agencies.
The concept is quite useful for businesses that started out with one service but moved on to a full catalog. And, when it comes to corporate groups or conglomerates, the benefits can be even greater.
Let's take a look at how.
What can the one-stop shop do for businesses?
At a one-stop shop, a customer has access to the whole range products and services created for them. In other words, these spaces become a company's maximum expression.
As discussed in an earlier post, retail locations, be them one-stop or not, play a pivotal role for brands. They increase visibility, establish a dialogue between clients and provider and foster alignment within corporate groups or conglomerates.
Ria's one-stop shop in Munich, Germany
For example, imagine a Clothing Store X and a Footwear Store Y that are both owned by Parent Company Z.
At the beginning of the year, Clothing Store X begins selling Footwear Store Y’s shoes at their retail locations in Manhattan.
Now, Store X gets to see how their clients react to pairing outfits with Store Y's footwear, changing a single-minded perspective to a group-minded one.
Thanks to this change, all companies involved can begin to boost sales through collaboration, upselling and cross selling, including Parent Company Z. On top of that, the one-stop shop can generate brand awareness by offering optimal convenience capabilities that can attract more customers.
Ria’s one-stop shops
Most of our one-stop shops are located in high foot traffic locations such as Puerta del Sol in Madrid, Cologne Cathedral in Germany and Trondheim in Norway. Here, you can find not only Ria’s full range of products like money transfer, bill payment, check cashing and currency exchange services, but also those from within the Euronet Group, such as ATMS, mobile and non-mobile prepaid products and tax refund services.
For Patricio Rojas Hubner, Ria’s Retail Director for Europe, this means fostering and sustaining an open dialogue with fellow stakeholders. “Since we began implementing the one-stop shop model, our approach to business has evolved considerably. It has opened doors for new hybrid products and lines of business. Although the convenience benefits the client, companies can largely benefit from the model. The one-stop shop is the perfect vehicle for cooperation between segments and has also shown great signs of profitability.”
As Rojas Hubner notes, the convergence of products paves the road for new services.
In our case, the synergies within our corporate group has led to the creation of myRiaEuronet, for example, a hybrid solution for Ukrainians living in Poland powered by Ria’s payout network and Euronet’s extensive ATM coverage.
In short, one-stop shops can do wonders for businesses, bringing companies closer together, fostering a deeper dialogue with customers and keeping product lines fresh and efficient.
If you’d like to see one in action, you’re more than welcome to stop by one of ours!