Major international events (whether sporting or otherwise) have a real impact on the entire economy of the host country. Indeed, due to their scale, they attract large crowds, who are led to spend considerable sums. To best prepare for the 2024 Olympics, here are five levers that will allow retailers not only to make the most of this opportunity but also to improve their performance.
According to some estimates, the Olympic Games alone lead to a 30% increase in sales three weeks before the event, and 50% three weeks after. This is a huge opportunity for retailers, who can then expect strong growth in their turnover, stimulated by purchases from fans and supporters, whether online or in store. To best prepare, here are five levers that will allow retailers not only to make the most of this opportunity but also to improve their performance.
Offer the right payment methods
Sports fans from abroad buy souvenirs, visit stores and take advantage of discounts. They are particularly keen to find team-coloured clothing, souvenirs and limited edition items. However, 55% of buyers abandon their purchases at the store checkout if they cannot pay with their usual payment methods. Today, 49% of them use digital wallets and other local payment methods that do not involve cash or cards..
It is therefore essential not to miss these sales opportunities, especially with tourists. To do this, you must offer customers payment methods that are popular in their country, such as: Discover (US), Alipay or WeChat (China), Google Pay, Apple Payand many more. This will satisfy all consumers, regardless of their origin.
Read also: Paris 2024 Olympics: Retailers ready to provide a plurality of payment methods
Implement dynamic foreign currency conversion
Consumers increasingly demand transparency when making purchases. They want to know exactly how much they are spending. And this is especially true for tourists who are on a budget. To build trust with shoppers, adopting a dynamic currency conversion solution in your stores will allow customers to pay in their national or local currency. This transparency also reduces the likelihood of returns.because buyers know directly how much they are paying.
Boosting sales with payment terminals
Big events are all about entertainment. Fans don’t just want to attend, they want to enjoy the whole experience and the show: from the opening ceremony to the promotional events that take place in the host city. And to make this period an unforgettable moment, retail players have a card to play. For example, you can offer promotional offers, decorations and merchandise related to the sporting event in your stores.. You can also organize activities and contests with branded gifts.
But whether you’re offering regular or event-themed products, creating a unique and memorable experience relies heavily on making the purchasing journey as seamless as possible during physical checkouts.
In this context, Contactless payment technology is a game changer for payment terminals. Customers spend less time thinking about how they’re going to pay and more time enjoying what they’ve purchased. Mobile payment terminals, for example, are a great way to accept more transactions. and manage high sales volumes during peak hours.
Read also: Paris 2024 Olympics: Logisticians in the starting blocks!
Bet on tax exemption for a double winning effect!
Saving/recovering a little money always makes the checkout experience more enjoyable, which is why international travelers are particularly attracted to tax-free shopping. And this would be even more the case if they could obtain their tax refund slips quickly and securely., directly when checking out.
Integrated payment solutions exist to enable you to benefit from tax exemption while avoiding administrative issues. In fact, customers can recover part of the value added tax (VAT) on their purchases directly on the card used for payment!
Transforming payment terminals into a factor of progress
In these times of large gatherings, it is always good to highlight the most important values of your brand. There are some solutions that allow buyers to make donations during their purchases, with ease. This offers the possibility of transparently collecting funds for associations directly at your points of sale.
Visitors/tourists at major events are a force to be relied upon. Their passion, loyalty and numbers influence market dynamics. From spending on event tickets and merchandising to influencing the purchasing decisions of others, fans can dictate trends and shape consumer demand. It is for all these reasons that we must see these periods of high traffic as opportunities to boost our sales figures. Retailers, get ready to make summer 2024 the busiest time of the year!
Source: www.ecommercemag.fr
