In an attempt to drive sales, retail giant Kohl’s Corporation (KSS - Free Report) has introduced Kohl’s Pay – a payment option which allows a convenient way of shopping for customers in an age where time is valued the most. The payment option incorporated with the mobile app allows customers to pay for their in-store purchases with the Kohl’s credit card via their mobile.
Additionally, Kohl’s Pay allows customers to apply offers like Kohl’s Cash and Yes2You Rewards with a single transaction from their mobile devices during checking out. For doing so, customers will simply have to use their mobile devices to scan a Kohl’s Pay QR code Kohl’s Pay app which upon appearing on the display of their device has to be finally approved to complete their transaction. The app is compatible with the IOS or Android mobile devices.
All transactions are stored on customers’ mobile devices allowing them the opportunity to easily make a return or an exchange right from the Kohl’s App.
The Kohl’s Pay, is a part of Kohl’s ongoing commitment to create an easy omnichannel shopping experience for its customers. The Kohl’s mobile app, is very popular among its customers with more than 14 million downloads to date.
Kohl’s is not the only one which has introduced its own payment solution. Wal-Mart Stores Inc. (WMT - Free Report) has also launched Wal-Mart Pay – its own online payment solution - in all the 4600 stores worldwide. With Wal-Mart Pay, customers will be able purchase goods and pay through their smart phones, enhancing the shopping experience.
Online shopping is a booming industry as an increasing number of customers prefer to shop at their own convenience, place and time. However, it is becoming increasingly difficult for retailers to compete with the online giant Amazon.com Inc. (AMZN - Free Report) and maintain their top line. Kohl’s, is thus aggressively developing the e-commerce segment.
The company has experienced considerable growth in its e-commerce business in the last few years. Its e-commerce sales have almost doubled since 2011 and increased at a compound annual growth rate of almost 40% over the last five years.
In order to facilitate online sales, Kohl’s has been opening distribution centers. Kohl’s has also made significant technology investments to support its online business. The company has also upgraded its e-commerce platform by rolling out the e-Sign technology, which will aid in strengthening its omnichannel platform.
Kohl’s currently carries a Zacks Rank #3 (Hold).
A well positioned retailer is Macy’s Inc. (M - Free Report) with a long term growth rate of 8.5% and a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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