Digital transformation in retail has been accelerated by the Covid-19 pandemic, a time when many retailers had to switch to online sales to survive. Home shopping continues to be popular, and we don’t expect that to change.
As a result, many retailers are adopting an omnichannel connected commerce strategy. By focusing on digital customer journeys, they aim to improve customer satisfaction and increase revenues. Payments are integral to the customer experience, and many retailers are using them to differentiate. As well as redesigning payment acceptance, they are offering new services such as buy now, pay later, co-branded credit cards and gift cards.
Following years when retailers focused on driving down the cost of payments, a new phase has begun. Many retailers now see payments as a growth opportunity and are focused on optimising authorisation rates.
Loyalty programmes play an important role in developing a bond between the customer and the brand. We believe loyalty programmes and payment should be integrated to enable streamlined customer journeys.
We help retailers around the world to build omnichannel customer journeys, with payment acceptance at the centre. Retailers often ask us to help them choose a new payment provider, or to provide expert insight so they can make an informed decision.
Our 360° Payments Diagnostic is a proprietary methodology for assessing the payments strategy of retailers. Using it, we can identify cost reduction and revenue enhancement opportunities. The methodology is proven to increase sales conversion, reduce operational costs and engage consumers, whatever payment method and channel they prefer. The methodology enables retailers to attribute, track and measure the value of payments across all their sales channels.
Our deep insights into the payments industry worldwide enable us to benchmark every element of a retailer’s cost of payment acceptance and processing. Our independent advice helps retailers choose payments providers with confidence.
We’ll work alongside you as you define your value proposition. We’ll collaborate with you throughout the development and launch phases, and ultimately help you to scale.
“Keeping up with ever-changing customer expectations is one of the main challenges that retailers are facing today. The role of a Chief Payment Officer is expected to be standard practice in retail. Our retail clients understand the importance of the customer journey - from browsing to buying and beyond the transaction. This is where our clients are developing payment acceptance strategies that include offering payment solutions to their consumers as a means of differentiating themselves in a highly competitive market.”
“We conduct detailed analysis of the implications of accepting the mainstream payment methods along-side alternative payment methods on the overall sales revenues of our clients across their different channels and geographies. We use a proprietary methodology, called the 360o Payments Diagnostic, along with in-house benchmark data. Together this is a proven process that delivers value to our retail clients.”
How can EDC support your sales growth in retail?
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