Customer experiences alter payments trends in APAC
Payments has become a major focus for retailers across the Asia Pacific, specifically the importance of frictionless customer experiences to drive revenue. As retailers start to look at their point of sale as a key medium for customer engagement, customer simplicity, value and optionality become critical to conversion. Flexibility in shopping journeys, payment methods and channels have a profound impact on both conversion and potential basket. Retailers are also looking for new ways to add additional value, expanding value-added services such as BNPL. Payment-linked loyalty programs are also on the rise.
“63% of APAC customers would shop at retailers with payment-linked loyalty programs,” said Priyanka Gargav Adyen’s Commercial Head, SEA & HK at the recent eTail Asia 2022 Keynote: Unified commerce – Your winning strategy in the future of retail that.
Digital solutions such as Tokenisation are helping to complete safe checkout through credential protection. As retailers start to shape their buying propositions, security should be a priority. Customers want a fast, streamlined checkout experience, but they also want to ensure their payment journey is secure. It also pays dividends for retailers as the risk of chargeback from fraudulent transactions is greatly reduced ultimately providing significant savings in the form of fraud losses and resourcing.
Customised terminals provide flexibility and the importance of localised checkout.
“54% of APAC customers prefer retailers would remember their preferences and previous shopping behaviours to create a more tailored shopping experience but only 28% of retailers do this.”- Priyanka Gargav
The importance of data utilisation to support faster checkout with one click solutions can drive the bottom line for retailers whilst supporting customers’ preference for speed. This drives a far higher conversion rate.
Finally, unified commerce is playing a huge role in driving incremental sales. Providing a universal experience across all channels provides customers with the option of where and how they want to pay. This enables retailers to not only drive greater scale across their operations but draw on multiple data sets to customise products and messaging tailored to meet customer needs. From an operational perspective, it also supports cost efficiencies as all the channels are integrated at the back end and all data can be stored on one platform. As retailers start to think to go to market strategies, providing the same channel experience across all platforms should be front and centre.
Author: Mariel Anne Laxamana, Marketing Director, Philippines, Payments Consulting Network
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