Technological changes and changing consumer habits are forcing retailers to constantly renew themselves. In line with these changes, merchants need to constantly improve their services and revisit the customer experience. To do this, it is necessary to keep an eye on the latest dynamics in this field.
In a new study, Adien, the payment platform of many leading companies around the world, understands the trends in shaping retail.
Shopify prefers fast deliveries like Amazon
To this end, he interviewed 10,000 businessmen from 23 different countries, whose fears, expectations, strategies and investments were well understood in 2022 and beyond. 40,000 consumers from 26 different countries were asked to share their views on these themes.
Digital change is the source of ambition for companies
Innovations in retail have been actively accelerating over the past two years. New apps have emerged that customers expect more freedom and customization in their shopping journey. Omnichannel and integrated business now offer new perspectives. In France, 70% of merchants who combine their payment methods will grow by 20% or more by 2021.
For their part, customers are more satisfied. 61% of them believe that retailers used technology wisely to make their products available during the health crisis. These encouraging results motivate brands to accelerate their digitization. Of the surveyed French businessmen, 89% plan to invest to strengthen their business by 2022.
Globally, the sector’s growth rate will increase by 4.7 points over the next five years. To achieve this, companies need to adopt a global vision of digital transformation. By getting this review, you can identify the challenges that await companies, especially in terms of customer experience. Learn about the benefits Adiyan solutionThis enabled French brands such as Courir and SMCP to enhance their customer experience.
Integrated trading is a strategic solution to grow fast
Flexible technical experiences provided by retailers during the health crisis have broken the chasms between different sales channels. This contributed to the emergence of non-linear customer trips. Companies need to revisit the customer experience, for example through “click and collect” or new loyalty programs. 50% of global consumers say they use branded apps more often this time than ever before. This is 43% higher than the 2020 survey results.அடியேன்.
Consumers have become accustomed to these new possibilities. The study reveals that 61% of them believe that traders should provide multi-channel flexibility during epidemics. For retailers, the goal is to succeed in meeting these new needs by implementing a strategic solution: integrated trading. It focuses on online and offline sales channels. For customers, this translates to a more consistent shopping experience because they can easily switch between channels.
For companies, it allows them to combine payments from the Internet, apps and stores, and gain a centralized view of their activity. The information collected makes it possible to create personalized trust plans. This is an important aspect that can make a difference against the competition. 69% of French consumers say they will not go back to a trader with bad online or store experience.
The importance of customer experience in the store
Over the past two years, online shopping has grown strongly. However, this does not mean that the customer experience in the store is less important than before. Study Reveals that 62% of French consumers prefer to buy in store. In fact, they place more emphasis on the sales experience than on the Internet: 64% of them think that stores should be attractive and offer more than just the products and services available online.
Here again, technological tools are essential to provide a concentrated experience. For example, 48% of French people prefer to try pre-selected products on the Internet in stores. Combining online and in-store sales will also help you get out of the game.59% of French consumers are more loyal to prospective merchants who buy online and return the item to the point of sale. Only 24% of retailers allow it. To learn how payment innovations can help improve store experiences, download the review.
Data is an essential element in building customer loyalty
Customers have very different expectations of each other. Some people buy online and want to return it to the store. Others like to buy things at the point of sale, but scan them themselves. For a retailer, the goal is to provide the right experience for every consumer. For this, it needs to improve its customer knowledge to better understand the customer. Data, especially payment related data, plays an important role in this process. They make it possible to respond quickly to customer requests.
For this reason, more and more companies are exploiting them. However, some still do not understand their significance. In France, only 23% of merchants use data to better understand their customers and enhance the customer experience, and 20% use it to better understand the habits of their customers.
Payment data can be very useful for managing inventory, creating customized marketing campaigns, identifying the most popular product lines and, in short, making more informed decisions. However, for their application, it is necessary to keep in mind the prevailing regulations such as the General Data Protection Regulation (GDPR), the Payday Card Business Data Protection Standards (PCI DSS) or the Revised Order for Payment Services (PSD2).
This is an important point for customers. 39% of merchants allow data to be stored and used only if there are security and privacy protections. It is important to comply with the rules to protect consumer privacy and to protect your business from potential fraud or data breaches. With global partners such as Adyen, retailers around the world ensure compliance with the rules, whether it is data protection rules such as GDPR or authorization to pay with PSD2 in Europe. For example.
Discover the key dynamics of retail in more detail and feed your future strategies, Do not forget to download Adien course.
Beatrice Ashford is a contributor at Nintendo-power.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and useful information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the world around them.