Increasingly consumers want a quick and seamless payment experience, which is exactly what digital wallets provide. This is why experts predict digital wallets will overtake plastic cards by 2030. Customers are sick of toting plastic, but they’ll never tire of unlocking great deals and personalized offers. Here are three ways that brands can use them to unlock the key to modern loyalty marketing.
If you’re selling anything online, odds are that part of your sales funnel is dependent on a payment gateway of some sort to accept payments through a bank card or third-party service. Here’s a primer on who the major providers are, the types of payment gateways, what they do, how they work and their pluses and minuses.
Smartphones are so ubiquitous that checkout-less stores taking mobile payments are now a possibility. Most stores, however, are still card- and cash-centric, and will be for a long time. Now open banking technology has created the possibility for direct account-to-account transfers from customer to retailer. This is more resistant to fraud and, crucially for retailers, less expensive per transaction.
While real-time payments offer retailers faster processing and lower costs, they can unlock new value by enhancing the customer experience, improving loyalty and offering more insight into consumer needs and shopping behaviors. To capitalize on these opportunities, retailers and their PSPs need modern back-office systems designed to operate in a real-time payment environment.
While cryptocurrency can be volatile, for merchants who sell to the tech industry, especially if they deal in blockchain-related technology, and those who want to reach tech-savvy customers looking for the latest digital payment options, accepting cryptocurrency payments can be a great way to build a loyal customer base.
What sets Gen Z consumers apart from the rest? Plenty. For starters, they have different preferences on loyalty, products and payment methods. Here’s how you should evolve your strategies to capture more insights about — and optimize for — the Gen Z customer experience during the current post-holiday sales period and beyond?
Even when retailers want to pay suppliers quickly, the inefficiencies of manual accounts payable (AP) and payment processes can get in their way. This involves printing checks, chasing down signatures and mailing. To address these issues, many retailers are using software to automate and optimize services to support those efforts.
As inflation continues to slam consumers worldwide, alternative payment options such as Buy Now, Pay Later can go some way to helping alleviate the pain of higher prices. BNPL is an increasingly popular payment option, with loans usually incurring neither interest charges nor fees, and few require hard credit checks.
Ecommerce checkout is getting complicated and competitive. Consumers can choose a variety of checkout options. While this may be convenient, the question for retailers is, are you providing too many options and creating a source of friction that’s contributing to high bounce rates and cart abandonment? You need to simplify.
In 2022, a new category of ecommerce financing will gain prominence in the BNPL space to address this popular buying category: Recurring purchases. Digital revolving credit offers far greater benefits for merchants, enabling them to leverage predictable revenue streams and create loyal, long-term customers.