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innovative online payment methods

innovative online payment methods

In the 12th edition of Retail Forumwhich took place in Madrid last week, discussed innovative online payment methods and highlighted which tools to use to achieve higher conversion, as well as how to integrate these tools into your business.

On this occasion, the person in charge was responsible for moderating the round table Juan Antonio LopezBusiness Director E-Commerce BNPL PEPPERwho was accompanied by Borja CarvajalHead of Digital & Omnichannel SCOTT; Vanesa PiresE-commerce and project manager SILBON; And Diego RenedoChief Digital Officer of AURGI. In general, during the lecture, the experts talked about the BNPL (Buy Now, Pay Later) system and its development, how to maximize conversion, as well as how to harmonize the different payment instruments and automate the payment process.

Juan Antonio Lopez He began by explaining what Pepper is: “We seek to offer responsible and intelligent financing solutions broadly based on technology and data analysis.“. In this sense, he continued, “we generate agile and dynamic financing processes, practically without documentation and above all very simple, so that the customer can complete their purchase.”

He also emphasized that by using technology and AI, “we can maximize conversion rates and, most importantly, minimize abandonment rates.”In summary, we specialize in financing purchases. We enable stores to sell more and make it easier for customers to buy.“López emphasized.

For the BNPL E-Commerce Business Director of PEPPERThe key is knowing how to adapt. You must have payment methods that adapt to the industry and can also be adapted within each industry“. “Ultimately, it is not the payment method that is truly innovative, but the service it offers and how you can make something very simple like paying into something very simple. In short: adapt to win“, he said.

About him Impact that BNPL payment methods have on acquiring new customers and in the case of a fashion brand, to keep them in the portfolio, in the words of Borja CarvajalOn the one hand, they allow personalization of the payment method by offering more options, and on the other hand, the ability to pay later gives you the feeling of “I’ve already tried it on when checking out.” “We find that the BNPL fee in the event of a purchase is 20% higher than our customers. Which is what it’s used to capture. What is very interesting is that the frequency is about 25-30% higher and the chances of retaining this customer increase by 30%.“Carvajal noted.

At this point he claimed that the impact of BNPL methods was frankly positive for them, but also for the customer: “lCustomers need facilities and you need to break down all those barriers. The advent of the BNPL method has been beneficial because people who cannot do this have a financing option that until recently only El Corte Inglés offered (…). The magic is in how you design this journey to become another facilitator“. “In the digital world of e-commerce, customers are more flexible than the financial part next to them.“he added.

Next, Vanesa Pires He explained that in the case of Silbon they have this payment option, but reiterated: “Financing has come a long way, and at this point we need to personalize everything and make it easier for customers.“. For Pires: “The challenge is to make it an attractive payment method. In my environment, that of fashion, you immediately spend an impulse purchase“. In this sense, he insisted on the customs and stated: “Our challenge depends on our marketing department. Everyone wants immediacy“.

In parallel, according to Diego Renedo“At Aurgi we already see BNPL methods as an obligation for the customer,”Nowadays people finance everything“. “It is very important for us that what the customer sees on the website, he can also find in the store. We focus on financing because it is the only payment method that allows us to make money and that is very important. You need to be dynamic about the payment method, for us it is simple“he said, making sure”A range of payment methods must be offered. If we have 5 or 6…with the facilities we have, we are obliged to provide that. If we don’t offer it, we are worse than the competition“.

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