Making Payments Pay in the Journey to Retail Reinvention
Traditionally, retail payments were a necessary, if not mundane, end function for a transaction; however, the role of payments has shifted dramatically in recent years. It is now considered a crucial piece of the shopping experience — one which can increase conversions and loyalty.
We examined the opportunities around an experience-led payments process and outlined the following tips for retailers to successfully reinvent their payments experience.
Gain loyal customers with an experience-led payments process
Today’s world is dominated by “always-on” connectivity, heightening consumers’ expectations. Store hours are now a thing of the past, replaced by a demand for anytime, anywhere payments. Retailers must continuously satisfy these demands with quick, seamless and secure payments across a wide array of channels.
Retailers that are able to strike this balance will create more loyal customers, while those that don’t will risk losing sales and shoppers to competitors that can deliver simpler, more positive customer experiences.
Use technology to creatively satisfy customer expectations
The rapid evolution of technology gives retailers the ability to quickly reinvent themselves to meet customer demands. This innovation can come in many forms, including the building of seamless omni-channel payments, the convergence of physical and digital stores (“phygital”), and the use of artificial intelligence (AI) and machine learning to better protect customers.
Additionally, retailers must consider the role payments play within the context of overarching digital transformation projects. Those that make innovation an enterprise-wide initiative will be well suited to identify opportunities and respond quickly to new market demands. This ensures customers will always enjoy a state-of-the-art payments experience.
Create positive experiences with AI and data
AI and data can play a large role in powering an experience-led payments process. Innovations like positive profiling give retailers the power to quickly identify good customers from bad, speeding and securing transactions for both long-time and new customers.
Retailers can also deploy the data at their disposal to personalize offers based on customer preferences and past behaviors, as well as enable conveniences such as one-click purchasing. Loyal customers want to be treated as such, while new customers want the confidence that comes with a best-in-class experience. Data, AI, machine learning, positive profiling and the like all give retailers the ability to meet the expectations of both audiences.
Want to learn more about how you can reinvent your payments? Check out the Culture of Innovation Index, conducted with leading analyst firm, Ovum.
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