For retailers the financial quarter that includes Black Friday, Cyber Monday, Thanksgiving, Christmas sales and the run up to New Year’s is crucial. So, when planning your golden quarter strategies Michael Bosshammer, our Head of Retail, outlines four payment trends to consider.
Retail has been transformed, as public-health restrictions sped up many trends already in flight. It’s estimated the pandemic accelerated the shift from physical stores to digital shopping by roughly five years, with resulting ripples across many other aspects of retail.
When it comes to offering an exceptional customer experience, how your customer pays must be top of mind. Here are some payment trends to consider:
Alongside the face-to-face experience, online, in-app and remote shopping are permanent features of the evolved retail landscape. A mix of both, known as omnicommerce, is the way forward. Behaviours we adopted in the pandemic – such as using BOPIS [buy online, pick-up in-store] and greater use of ecommerce – are here to stay.
Almost one in five shoppers1 abandons a cart due to a “too long/complicated checkout process”. Think about implementing transaction risk analysis to apply exemptions to Strong Customer Authentication for eligible transactions up to €500, or equivalent in other currencies.
to analyse what your customers are buying, when they’re buying and how they pay. You can use this to inform your offers to encourage upsells.
Forward-thinking retailers are futureproofing, finding innovative ways to build rewards programmes and inspire customer loyalty. Next-level loyalty schemes maximise in-app technology to reward repeat shoppers
The future is now. The world is changing quickly, by talking and collaborating we can understand and address the opportunities and challenges facing the retail sector. Advanced payments innovation and technology means you’re always open – even when your shop doors are closed.
Whether you’re welcoming local shoppers in store or online customers from around the world using multiple currencies, we’re the single expert payments partner you need.
To discuss your retail needs with one of our team of experts, talk to us.
1 Baymard.com as quoted in the Future of Retail, Elavon Europe, 2022.