We all know that when it comes to business, standing still is never a good option. If the last year has taught us anything, it’s that reinventing the shopping experience remains the golden ticket for small merchants as well as big retailers.
Across the globe, contactless adoption has soared in the past eighteen months. However, the rate of adoption and changes in payment behaviour differ from country to country. Continuing our Contactless 2021 series, Fabien Darné, country manager for France at Ingenico, a Worldline brand, examines the latest trends in the French market and considers why the resilience of local business is providing the catalyst for change.
Checking your payment terminals for a safe and fast checkout from lockdown.
As efforts to combat the global pandemic continue, merchants, restaurants and service providers, including those who have been closed for a number of months, are preparing for a gradual reopening of the retail and hospitality sectors.
In the past few years, innovation, speed and agility have increasingly become the watchwords for merchants. During this time they have seen consumers’ purchasing behaviour change as the lines between in-store, online and mobile shopping have blurred. And at the same time they have gone through their own digital transformation, upgrading the front office to enable these new customer experiences and also updating the back office, to manage inventory, accounting and other business services on a daily basis.
Many business owners are notoriously pushed for time, often taking on a multitude of tasks and duties. Dependant on size, this can include running the marketing department, organising logistics, and ensuring the best customer service is being delivered, all at the same time. Unsurprisingly, with so many different facets of a company to be managing, payments processing is not always at the forefront of merchants’ minds. But the fact is it should be, as optimising payments is an essential component in many aspects of the business journey and it should not be overlooked.
By optimising payments, you have the power to create a profoundly positive effect on the user experience (UX), transaction conversion, and provide merchants with crucial data to improve their operations. What’s more it can also enable merchants to monitor their costs efficiently, if they work with the most competitive acquirer for each payment method used by consumers.
Ignoring payments optimisation risks not only alienating and losing customers but also inefficient management of their costs by missing important savings on acquiring fees.