FINANCE
To ensure the best chance of success in an increasingly digitised world, businesses must deliver a service offering at a consistently high standard and with globally competitive pricing, in a way that causes as little disruption to the consumer as possible. Research shows that the industry is recognising this, with 54% of retailers naming customer experience as their most important focus. In a world of so much connectivity, there is simply too much choice to risk system downtime. If merchants are to succeed, they should invest in well architected payment infrastructure that can be relied upon to deliver a seamless and positive customer experience. Something that can contribute to this is in fact one of the greatest opportunities of the move to digital shopping. Thanks to digital shopping, retailers now have access to data that can help them tailor the consumer’s shopping experience. From the initial targeted ad via a social media channel, to the payment transaction, and right through to the delivery method, each touchpoint can be tailored to ensure the best possible experience. Not only can this increase customer satisfaction it also has the potential to create loyal customers who keep coming back. Scalability: the key to merchant success The drive for global digitisation has led to an ‘always-on’ culture, where people demand connectivity and convenience from every area of life. This expectation is very much apparent in the retail industry, where we see unparalleled expectation for
instantaneous service and transaction time. It’s a culture that is exacerbated by the prevalence of smartphones, which provide consumers with uninterrupted access to e-commerce. In addition to negotiating the demand from today’s consumer base, merchants would be foolish not to look ahead to the future and plan accordingly. Research 3 from Statista shows that in 2017, retail e-commerce sales worldwide amounted to 2.3 trillion US dollars and e-retail revenues are projected to grow to 4.88 trillion US dollars in 2021. With market growth expected at such a rapid rate, retailers need to make sure they are prepared to scale with the change. By investing in highly scalable and secure payment infrastructure, merchants can ensure they are able to deliver the speed demanded by consumers of both the present and the future. It will become more commonplace to see retailers forging partnerships that capitalise on the benefits of innovative technology to build new, more agile, dynamic and scalable business models. By doing this, they can not only future proof their business offering, but also help to solidify their position as market leaders. Customer benefits As outlined above, partnerships between payment service providers and retailers can prove hugely beneficial to the consumer. The use of more sophisticated payment architecture will make the overall end user experience faster and more seamless. Consumers making international payments will reap the benefits of improved connectivity to facilitate frictionless transactions. 65