Technological transformations and changes in consumer habits are forcing retailers to constantly invent themselves. To adapt to these changes, salespeople must constantly improve their services and rethink the proposed customer experience. To do this, it is important to follow the latest developments in the sector.
In a new study, Adyen, a payment platform for many leading companies around the world, deciphers the trends that shape retail.
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To do this, she surveyed 10,000 traders from 23 different countries to better understand their fears, expectations, strategies and investments in 2022 and beyond. She then asked 40,000 consumers from 26 different countries to share their thoughts on these topics.
Digital transformation, a source of ambition for companies
In the last two years, innovation in retail has accelerated sharply. New uses have emerged as consumers seek even more freedom and personalization in their shopping journey. Omnichannelism and unified commerce now open up new perspectives. In France, 70% of sellers who have connected their payment systems in 2021 grew by 20% or more.
For their part, customers are more satisfied. 61% of them believe that retailers have used technology wisely to make their products available during the health crisis. These encouraging results are encouraging brands to accelerate their digitalization. Of the French retailers surveyed, 89% plan to invest to strengthen their business in 2022.
Globally, this will increase the sector’s growth rate by 4.7 points over the next five years. To achieve this, companies must adopt a global vision of digital transformation. After receiving this research, you will learn about the problems that await the company, in particular in terms of customer service. You will learn about the benefits of the Adyen solution, which has helped French brands such as Courir or SMCP improve the experience offered to their customers.
Unified commerce, a strategic solution for faster growth
The flexible technological expertise offered by retailers during the healthcare crisis has split between different sales channels. This contributed to the emergence of non-linear customer travel. Companies have had to rethink their customer experience, for example with push-to-take or new loyalty programs. 50% of the world’s consumers say that during this time they used the brand’s applications more often than before. This is 43% more than the results of the Adyen 2020 survey.
Consumers are used to these new opportunities. The study shows that 61% of them believe that sellers should provide the same multi-channel flexibility as during the pandemic. For retailers, the goal is to succeed in meeting these new requirements by implementing a strategic solution: unified commerce. This is to centralize online and offline sales channels. For customers, this means a more consistent shopping experience, as they can more easily switch between channels.
For companies, this allows them to link payments from the Internet, applications and stores and have a centralized view of their activities. The information collected allows you to build personalized loyalty programs. This is an important element that can make a difference against competitors. 69% of French consumers surveyed said they would not return to a seller with whom they had a bad experience online or in a store.
The importance of customer experience in the store
Over the past two years, online shopping has developed greatly. However, this does not mean that the experience of working with customers in the store is less important than before. The study shows that 62% of French consumers prefer to buy in the store. In fact, they place even more importance on the experience offered at the point of sale than on the Internet: 64% of them believe that stores should be attractive and offer something more than products and services available online.
Again, technological tools remain important to provide an enriched experience. For example, 48% of French people would like to be able to try pre-selected products online in stores. Combining online and in-store sales can also help you succeed. 59% of French consumers are more loyal to sellers who offer to buy online and return the product at the point of sale. However, only 24% of retailers allow this. To find out how payment innovations can help improve store performance, just download the study.
Data is an important element in building customer loyalty
Customers have very different expectations of each other. Some prefer to make a purchase online and return it to the store. Others prefer to buy products at the point of sale, but scan them themselves. The goal of a retailer is to offer the right experience to every consumer. To do this, you need to improve the knowledge of your customers to better understand them. Data, especially data related to payments, play a key role in this process. They allow you to respond faster to customer requests.
For this reason, more and more companies are using them. However, some do not yet understand their importance. In France, only 23% of sellers use data to better understand their customers and improve the quality of service, and 20% – to better understand the habits of their customers.
Billing data is especially useful for managing inventory, creating personalized marketing campaigns, identifying the most popular product lines… In short, for making more informed decisions. However, to use them, it is important to keep in mind the current rules, such as the General Data Protection Regulation (GDPR), the Payment Card Industry Data Security Standards (PCI DSS) or the revised Payment Services Directive (PSD2).
This is an important point for customers. 39% will allow sellers to store and use data only if security and privacy are ensured. Compliance with the rules is important both to protect the privacy of consumers and to protect your business from possible fraud or data breaches. With a global partner like Adyen, retailers are enforcing rules around the world, such as data protection rules such as the GDPR or authenticating payments with PSD2 in Europe.
To learn more about the main dynamics of retail and adjust your future strategies, be sure to download the Adyen study.