Read more: Visit websitePayment innovations are changing the ways in which businesses interact with their customers, offering personalised, seamless interactions that cement brand loyalty
The swift uptake of new technology by the retail industry has made it easier than ever for shoppers to complete purchases in seconds. From artificial intelligence and social commerce to digital wallets and near real-time refunds, businesses have access to numerous tools that can help to build trust in their brands. These emerging technologies indicate a rapidly evolving landscape in which customers, in turn, demand more from the brands they choose. ⁘In today⁘s highly competitive market, customers expect nothing but the best user experience,⁘ says Pinar Koygun, Senior Director of Retail Vertical Growth at Worldpay. ⁘But with technologies rapidly advancing, it can be difficult to know what to prioritise and where to invest.⁘
One issue that continues to hinder retailers is the rates of attrition associated with fewer payment options. Figures from the Worldpay Payments Performance Report indicate that 94 per cent of shoppers prefer a range of payment methods, with 44 per cent of transactions at risk when a store does not accept shoppers⁘ preferred payment methods. ⁘Limited payment methods, clunky checkouts and poor user experience are contributing to a higher rate of customer dropout, leading to lost revenue and an erosion of trust,⁘ says Suren Nawalkar, Senior Vice President of Business Development at Mastercard.
The rise of ecommerce has led to high expectations of eliminating friction from every purchasing journey. This usually comes down to convenience, which Worldpay suggests is the number one driver for half of customers when selecting a favourite channel via which to shop. ⁘Today⁘s customers expect same-day delivery or kerbside click-and-collect without leaving their vehicle. But this level of ease and convenience isn⁘t always consistent across the retail sector,⁘ says Koygun.
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