Optimise your payments to create a frictionless shopping experience for your consumers. Discover three insider tips to create the ultimate payments experience for your online or offline store.
In the world of commerce, convenience rules supreme and huge advances have been made to make buying as simple as possible. But the ultimate payments experience is still an invisible one.What steps can your business take to bring you closer to this goal?
This quest for convenience is set to continue into 2018 and beyond. We’ve already seen Uber adopting a zero-click transaction process, and, in the US we’ve seen early in-roads into industries such as retail, with the likes of Amazon’s cashless-free grocery store.
With this in mind, it’s an optimum time for businesses to differentiate themselves from the competition by delivering the ultimate frictionless payment experience. Below are some the ways you can achieve this.
1. Mobile Momentum
The ubiquity of modern mobile devices makes it the perfect companion for anytime, anywhere shopping, and it will continue to blur the lines between sales channels, allowing customers to checkout with a single tap in-store, online and in-app.
In Australia sales through mobile devices rose from 18% of all online purchases to 29% between 2015 and 2016 -that’s a sizeable increase of growth within the space of 12 months.
Further growth is likely to be heavily driven by the growth of mobile wallets. As of February 2017, Australian customers were transacting with Apple Pay more frequently per month than any other customers around the world. Additionally, Android could be the one to truly open the floodgates, thanks to its greater smartphone market share. Commonwealth Bank of Australia will offer customers Android Pay by the end of the year, and NAB will soon too. Both Apple and Android Pay have extended their functionality to accept web-based payments, bringing mobile into the picture for desktop shopping as well.
Conversational commerce, that is, payments within messaging apps, is also likely to expand given its current popularity in parts of Asia. WeChat Pay continues to dominate, and this trend is increasing in Western markets with the first Australian retailers already adopting it. Facebook is also further investing heavily in its chatbot API to make it easy for businesses to process payments from inside Facebook Messenger.
2. Customer Recognition
Customer recognition plays a key role in understanding behaviour, and delivering personalised services such as loyalty rewards, targeted offers, customised payment and delivery options as well. And as more channels emerge, from messaging app purchases, to in-store queue-busting kiosks, cross-channel customer recognition becomes all the more important.
A key advantage of customer recognition is being able to offer one-click payments across multiple sales channels. While one-click payments have been around for some time, there are still big wins to be had for businesses that get it right. If you are using tokenisation, you’re already 80% of the way there – and it should be relatively easy to link the tokenised card details to the customer’s account. The trick is to work with a partner that is able to manage the bulk of the workload, enabling you to better focus on reaching and selling to customers.
3. Data Consolidation
Data consolidation will increasingly be an important priority for many businesses. The reason is simple – in order to recognise shoppers across sales channels, enable easy one-click and zero-click payments, and identify and track fraud trends, businesses need a unified view of customer data across their online and offline channels. So, the first step must be the consolidation of all operations into a unified system, capable of spanning all markets and sales channels.
Once these hurdles are overcome, enabling invisible payments becomes attainable for many businesses. As you’ll see, this directly ties to mobile commerce and customer recognition. Once this data is consolidated, it’s substantially easier to get a grasp of who your core customers are, how you can better reach out to them, and how you can expand your existing customer base. Invisible payments can provide the key your business needs.
Join Brian Dammeir, Head of Product at Adyen, and Prinitha Govender, Editor of Power Retail for a fireside chat on Wednesday, October 11th at 2pm, that will provide actionable insights on how to:
- Maximise the value of unified commerce via data
- Reduce friction online to increase store loyalty
- Track, manage and prevent fraud
- Link data from all channels for effective marketing and CRM
To register for this value-packed fireside chat webinar click here.
This webinar is powered by Adyen, a leading global technology payments company, delivering frictionless payments across online, mobile and in store. Adyen works with over 4,500 businesses worldwide including Facebook, Uber, Netflix, Spotify, Movember Foundation, MJ Bale, Freelancer and Kogan.com.