The luxury retailing sector has incurred a significant fall in revenues as a result of the pandemic. Despite this global challenge, the luxury sector will always prioritise bricks-and-mortar and a physical interaction with their consumers over online sales. In this article, Mark Beresford (Director, London) and Beatrice Save (Business Analyst, London) have been on their own luxury shopping trip and found that there is a secret to success that will allow luxury brands to optimise the customer experience through payment efficiency - and it only requires you to focus on four key metrics.
Edgar, Dunn & Company (EDC) was asked by the MPE organisers to chair four different panels during the 2022 event.
Over a decade ago, EDC’s Retail Practice was advising a fast fashion brand that had blacklisted several customers with an unusually high number of returned items that appeared to have been worn.
For most retailers today, the key principle of their integrated omnichannel strategy is to place the customer at the centre, enhancing the customer experience and providing greater speed and convenience.
In 2019, the Global System Mobile Association (GSMA) had valued the daily volume of mobile transactions in Africa at $1.9 Billion and sized the number of registered mobile money accounts at one billion spread across the continent. In 2020, GSMA also estimated that the total transactional volume has reached $495 Billion.
Partly accelerated by the pandemic, the retail industry is experiencing tremendous change, and payment acceptance is the area that has seen the most significant shift.Payment acceptance must be approached with a strategic eye, as customers expect to shop when they want, where they want and with their preferred payment methods.