Ways payments are reinventing retail
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Customers want to choose where, how and when they pay. Given their physical and digital preferences, payments are the most influential factor in retail trends. And a business that doesn't keep pace with its customers' preferences risks falling behind its competitors. Let's look at six of the top trends that are reinventing retail. 1. Fidelity reinvented Customers want to be recognized, remembered and valued. Now that third-party cookies are no longer accepted , companies are looking for new ways to provide personalized experiences and build increasing loyalty 1 . Payments can make up for that lack, and in fact are doing so, through tokenization. Whether in online or in-person sales, sensitive payment data such as card details becomes a unique token that cannot be reversed.
Tokenization reduces friction and provides secure and easy checkout experiences, but Buy Email List at the same time it can offer other benefits, such as lifecycle management, to automatically update payment details and generate a complete view of the purchase behavior of your customers. customers in all channels and with all types of cards 2 . In addition, it offers the possibility of personalizing the experience through advertising, discounts, and payment options. The result is a seamless customer experience across all channels, and the loyalty that comes from putting the customer first. 2. Reinvention of the direct-to-consumer model While 74% of consumers say the last retailer they purchased from accepted their preferred payment methods, only 45% of retailers offered those methods.
It is clear that customers choose to spend at merchants that accept their preferred payment methods 3 . That's why, in local markets, and particularly when businesses are looking to expand internationally or globally, payment method acceptance is key to retailer success. For those companies that want to expand their international and global presence, the best approach is to offer their customers the payment experience they prefer through a payment gateway. Opting for a single solution with multiple providers is an effective, secure and reliable way to process payments, either online or in person, in various currencies 4 . Exactly what customers are looking for, wherever they are. 3. Reinvention of the way of shopping In 2022, 34.3% of customers used their smartphones in stores to improve their shopping experience 4 . In addition, things are not only changing there, thanks to live commerce through social networks and online thematic events.