Now that the strongest quarter of the year in the retail sector is approaching, it is more important than ever adapt the business so that it can handle large shopping sprees with ease, both on the web and in physical stores, during peak sales in campaigns such as Black Friday, Cyber Monday and Christmas itself, both in terms of stability and security, as well as scalability. For this to be possible, brands must ensure that payments are made at all times by selecting the appropriate partner.
For that reason the preparation work of companies such as Adyen it is continuous throughout the year. We adapt to the demands of the demand continuously and with a long-term vision, since we have a platform with a very broad customer base that comes from all over the world.
For Adyen, a date like Black Friday is just one more day, like the start of sales, Christmas or Singles Day, among others. Even so, it is important to adapt to customers and that is why we increase the resources of the teams that monitor the platform, also adapting the launch and deployment plans of codes in production, with special emphasis on vigilance so that everything goes well. What is achieved in this way is that businesses do not have to worry and that payments occur normally. This happens both in store and in ecommerce because everything happens in a single platform.
These are our four key tips for adapt your business to peak sales for the big campaigns in the coming months:
1. Personalize the shopping experience of your buyers
The main advantage in check out customization for a brand it is to provide end buyers with a simpler payment experience, which will translate into a happier consumer and able to convert more. This results in a process with fewer clicks and faster overall.
When paying, to improve the shopping experience of consumers and achieve a closer and direct relationship with them, you should avoid redirecting them to another foreign website and offer them a personalized platform where they can enter their payment information so that the purchase process is as simple as possible.
2. Offer multiple payment methods
In each country the payment methods are very diverse and in Europe, in particular, the panorama is very fragmented. In addition, the ideal payment method depends a lot on the type of business, it is not the same for a business that sells physical products and that has a high sales ticket, than for a business model based on subscription, which will require that its method support payments recurring.
Therefore, offer multiple payment methods It is key to ensure sales and the success of your business, but also to understand the type of business and the consumer to carry out a detailed analysis by market and see what makes sense in each case.
3. Fight fraud during purchases
According to him Adyen Report on Retail, two out of five consumers abandon the purchase because their card has been wrongly rejected on suspicion of fraud. This represents total losses worldwide of € 223.9 billion annually. To combat fraud during periods of large campaigns, it is advisable to review the configurations to adapt the sell purchase pattern maximum expected. To do this, it is essential to collaborate directly with businesses to try balance between conversion and rejection. That is why from Adyen this type of tool is already integrated into our payment solution.
4. Adapt your company to meet the regulations
Necessary prepare for PSD2 and strong authentication to which businesses that operate online are obliged. Despite the delays, some businesses and banks are still in the process of adapting to PSD2, while others are beginning to notice its effect. We are facing a PSD2 deployment phase that has been quite different in each market, since each country has adapted it in phases.
Customers are increasingly used to using authentication And it is especially noticeable in markets where traditionally it was not used as much as in Spain or France, if we compare it with the United Kingdom or the Nordic countries where they are more used to it.