On the occasion of this 2024 edition of Paris Retail Week, Virginie Dangel, VP Business Development for Southern Europe at Worldpay, unveiled the main insights from a new report “Performance of Retail Payments”. Summary.
With over 50 billion transactions processed each year worldwide, Worldpay is a market leader in in-store and online payment solutions. During Paris Retail Week 2024, the teams unveiled the key insights from a recent report on payment performance in retail. Here are the 3 key points to rely on to develop a payment strategy to optimize the customer experience:
Key #1: Convenience above all!
Consumers have become more uncompromising than ever regarding the quality of the customer experience with a brand and this throughout the purchasing process. According to the report released, they even rate the importance of the payment stage at 8.2/10. Expectations are multiple: quick and potentially one-click purchase (84% think it is important to have the possibility to pay in one click), choice of payment methods (94% believe it is necessary to have several payment methods available) or even split payment thanks to a solution « Buy Now Pay Later » (21% of respondents have used it in the past year). Retailers are also encouraged to innovate to facilitate the payment process: give the option of saving payment information for a later purchase, consider the new possibilities offered by social shopping, which encourages impulse buying… (63% of consumers are in favor of the idea of making purchases via social networks in the future).
Key #2: Fluidity in payments… and in returns!
Furthermore, the moment of payment should not be a source of annoyance, which can for example be caused by a transaction that fails without real reason, because this could lead the customer not to finalize a sale but also perhaps, to no longer recommend at all. Thus, it is better to opt for an anti-fraud solution that offers instant decisions accompanied by a financial guarantee. This will allow the brand to protect itself from possible cases of fraud while offering the best possible customer experience. It should also be noted that guaranteeing an international purchasing experience as smooth as a local experience can be an excellent development opportunity. Finally, 96% of consumers think that it is important to benefit from easy refunds and returns. Optimizing returns management therefore contributes to customer satisfaction and loyalty: 47% of consumers surveyed expect to receive the money in their account in less than 24 hours.
Key #3: Deliver a memorable omnichannel customer experience!
In a consumption context that has become omnichannel, consumers expect to have a unified shopping experience, whether in-store or online. For example, 85% of respondents think it is important that benefits can be accumulated and spent across different channels, while 76% of respondents think it is important that all transactions are grouped into a single account. This phygital homogenization helps to create a memorable customer experience and, above all, to avoid, once again, generating irritants if the person has to repeat their information or if the customer advisor does not have access to the entire purchase history… The emotional and therefore memorable aspect can also be nurtured through a personalized relational approach, focused on consideration, enhancement and surprise, in particular through a loyalty and benefits program.
To view the full report, download it by clicking ici
Source: www.ecommercemag.fr
