With inflation making customers feel the pinch, boosting loyalty should be a priority for every business. For shoppers, choice is very important even when it comes to payments.
Offering payment methods customers prefer is among the most important factors in a consumer’s decision about where to spend their money.1 It’s also vital that the payment experience be quick, easy, and lets them pay with their preferred method across all touchpoints.
Here are four ways to enhance your retail payment experiences to help increase revenue:
1. Keep the payment authorization process smooth
Streamline your checkout and reduce the chances of payment authorization failure. For returning customers, keeping payment data up to date can be challenging, so we suggest automating the process with a lifecycle management and account updating service.
2. Create opportunities for automatic repeat purchases
A subscription model can encourage repeat purchases, which can increase loyalty, automate payments for a more seamless experience, and create a steady revenue stream. It can also forge a deeper relationship between you and your customers. And adding perks or a loyalty program gives customers an extra incentive to keep shopping—so you never miss the chance to make a sale.
3. Optimize your fraud strategy
AI-driven fraud management tools such as Decision Manager combined with insights from billions of transactions can help you minimize fraud-related losses. Work with a solutions provider that has in-house experts with experience in your industry to help provide the best preventative measures.
4. Enhance in-store experiences
When you embrace innovative technology as part of the in-store experience, it makes it easy for shoppers to research your offerings and make a purchase. Shoppers may still prefer to make their purchase online, even if they browse in store. But there are ways to combine the two. Some retailers—especially ones with a lot of product options or bulky items—provide digital devices in store for customers to select, compare, and buy products on the spot then select their preferred delivery method.
Get the full picture
Find out more about the pivotal role of payments and innovation in scaling your business, improving customer experience, and increasing revenue by downloading our Retail Executive Guide.
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