Customer experience ‘key for new payments’
Written by Anthony Strzalek
The majority of European retailers view customer experience as the key driver when it comes to the acceptance of new payments methods, according to a recent survey.
The report, published by Edgar, Dunn & Company and ACI Worldwide, also found that merchants see payments strategy as a way to reduce costs, improve customer service and provide differentiation in a highly competitive market.
Survey respondents – more than 400 multichannel retailer executives across Europe – demonstrated an appetite for new technologies with 78 percent saying that customer experience is the key driver for new payments acceptance.
Most retailers (79 percent) also believe that seamless cross-channel interaction is the key to great customer experience and almost half (48 percent) are already taking advantage of mobile wallets. This figure, according to the report, is expected to rise to 77 percent within the next 12 months.
However, 69 per cent identify data integration as a critical challenge for successfully implementing an omnichannel payments strategy and 59 per cent of respondents identified effective fraud management as a challenge.
Andrew Quartermaine, vice president at ACI Worldwide, said: “Merchants face numerous challenges in developing a long-term retail strategy in a fast-changing and highly-competitive environment, but these findings indicate widespread agreement on the fundamental importance of payments to a successful strategy.
“Given the rapid pace of change and ongoing innovation, the overriding requirement is for retailers to work with vendors that keep their options open by delivering flexible, scalable, and secure solutions.”
Mark Beresford, head of retailer payments at Edgar, Dunn & Company, added: “Changing expectations around customer experience will drive innovation with seamless customer journeys, immediate payments, in-app purchases and connected commerce, regardless of the sales channel.”