1. Offer different ways to pay

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.

2. Seamless online content

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.

3. Use your payment data

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.

4. Loyalty

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.

Sources:

¹ Baymard.com as quoted in the Future of Retail, Elavon Europe, 2022.