During a time of seismic changes to business, leaders are under ever increasing pressure to produce results, despite all the challenges they face. One answer could be right in front of you, something you’ve not previously spent much time focusing on.
Yes, that’s right, payments. Because in today’s digital world they should no longer be the end of a sales process, an afterthought. Instead, they can drive strategy, lead business, and be a surprisingly fast route to increased revenue.
Why? Well, for one thing, recent research shows that customers consider how they pay the most important part of the shopping process.1 So, in some ways, how you accept payments could actually be more important than what you sell. For instance, in Brazil, businesses that don’t accept PIX risk missing out on sales from the 25% of customers that prefer to pay that way.1
Putting customers’ choices first
By staying one step ahead of this kind of demand and using payments to drive technologies and processes customers prefer, leading companies are capturing previously untapped revenue. And you could too.
Our 2023 Global Digital Shopping Index report, developed in partnership with PYMNTS, identifies three key areas of customer insights that can be tapped to increase revenue:
Adding new payment features and methods as quickly as shoppers adopt them is vital to attracting customers and increasing revenue. Consumers shop where their preferred payments methods are offered, and their preferences are constantly changing.
One example of speedy change the report highlights is that digital wallets are rapidly gaining ground. In-store, particularly in the UAE and U.K., digital wallet use has doubled and even tripled. Nearly 20% of brick-and-mortar shoppers in the U.K. paid via a digital wallet in 2022—up significantly from 5.4% in 2021.1
Delivering local payment methods is an important part of increasing revenue globally. Businesses need to understand local preferences and incorporate them into their payments offering, whether by offering local payments providers or preferred payment methods in a particular country or region. For instance, if you’re going to do business in the UAE, you can’t afford not to accept contactless debit card payments: The number of in-store contactless debit transactions there grew 620% in 2022.1
Embedding features that add value into payments methods increases customer satisfaction and the chances of completing a sale. Tokenization that allows you to get to know your customers, create targeted offers, and reward loyalty is a great way of increasing customer retention and satisfaction. In Brazil, shoppers who were rewarded in online transactions were 45% more likely to be very or extremely satisfied than those who did not.1
See what payments can do for you
To get the full picture and discover what payments could do for your business, read the full report. You may just find the secret to higher revenue that you’ve been looking for.