Adyen, the global fintech platform of choice for leading companies, has published the new Adyen report on Retail 2023, where it is revealed that investing in the personalization of the purchase, consumer loyalty and having a unified trade would improve the results of Spanish companies.
Unified Commerce allows you to design more effective strategies to offer buyers better value for money, as well as use actionable information to offer loyalty programs, promotions, benefits, dynamic prices and subscriptions. In the middle of 2023, only 24% of Spanish companies have a unified commerce strategy, 30% have started to do so, while 33% are still considering it.
This trend is manifested in turn in shoppers, since 69% of them believe that retailers must improve the way they reward their customers, and in turn, the 77% of them say they would like to see more personalized discounts in the shops where they usually buy.
Based on this way of understanding purchases and their analysis, this new report determines that Spanish retailers could increase in 40 billion dollars its turnover Yeah those companies that do not currently use this type of strategy adopted a focus of unified trade.
Economic analysis by the Center for Economic and Business Research (Cebr) found that unified commerce offered retailers a 7 percentage point boost to their growth rate in 2022. Adyen commissioned Opinium LLP to survey 36,000 consumers and the Censuswide company surveyed 12,000 retailers globally to understand how inflation is affecting behavior change among shoppers and how businesses are adapting to this change. Cebr shows how unified commerce, which involves connecting online and offline payments in a single system, supports greater retail resilience in a challenging operating environment.
Personalization, loyalty and experiences
Currently, the most of consumers in Spain (86%) they think they pass more time looking for the best deals and prices due to the current financial situation, while almost 3 out of 10 (28%) wait for big discount dates like Black Friday to make their purchases. In response, the 52% of retailers believes that the impact of inflation is such that they need offer discounts to consumers during all year.
This new report shows that with the rising cost of living, personalization and loyalty have become increasingly important. Over two-thirds (77%) of consumers want to see more discounts by the retailers with whom they shop, while 55% acknowledge that they want companies to remember their latest preferences and experiences in order to achieve a more personalized purchase.
More than 6 in 10 consumers (63%) say they would be more loyal to retailers that allow them to buy online and return in store, while 4 in 10 suggest they would have better shopping experiences if a company allowed them to buy in-store and finish the purchase online, or vice versa.
Technological advantages at the time of purchase
More than half of the companies in our country consider that being able to offer multiple experiences during the purchase favors greater spending by their customers (59%). In addition, more than three in ten retailers are considering investing in technology to improve the shopper experience (for example, adding new payment methods, offering kiosks to check stock, or using in-store technology such as digital mirrors). However, it is especially difficult for retailers to meet this objective, since 50% consider that it is difficult for them to categorize their customers.
In turn, when consumers are asked how technology makes them feel when they shop in a physical store, the result is overwhelmingly positive. More than a third (34%) acknowledged that they are happier because purchases are made more quickly, and more than a quarter (26%) considered that they would visit a store more frequently as a result of their technological implementation.
“Consumer behavior has evolved in recent years, and the decisions that retailers make about technology investment are now more important than ever,” rrecognizes Juan José Llorente, Country Manager of Adyen in Spain and Portugal. “Our research has highlighted how the use of technology, and in particular unified commerce, can support companies with a more agile and sophisticated approach that helps them understand customer trends and consumer demands.” “Adyen’s fintech platform offers a powerful overview of customers so that their expectations can be met when buying. Retail organizations operate in one of the fastest-paced industries on the planet, and technology has proven its importance in ensuring that operations are resilient in today’s environment.”
About Adyen, Tomás Muro, Global Director of eCommerce at Wallbox states: «Since 2019, the internationalization of our e-commerce was one of our main strategic decisions, so having a payment platform like Adyen that would help us grow in new markets by adapting to the customer was vital. Each continent where we offer our products and services has its peculiarities, but on a large scale, the most accepted solution we have found is Adyen. We perfectly understand the priorities of our sector and of our industry, which is increasingly fast-paced, in which it is necessary not only to simplify, but also to speed up payments for this type of company”.
Security and fraud during purchases in 2023
When it comes to security, this report shows how Spanish buyers want retailers communicate better his methods of protection against online fraud75%). Despite the fact that only 19% of Spanish buyers have suffered fraud during payment on some occasion, the truth is that this small number of victims in Spain usually lose an average of around 160 euros and the generation most affected by this are the millennials, young people between 25 and 34 years old.
For their part, although 33% of Spanish companies believe that payment fraud attempts have increased in their organization in the last 12 months, it is likely that this figure is lower due to companies’ investment in security in light of the increase in cyberattacks, since in 2022 this figure was 12 points higher than in 2023.
To combat these threats, More than half of Spanish companies trust prevention systems (60%)but they also take advantage of the power of artificial intelligence (AI) to help prevent fraudulent transactions in their stores (53%) or use credit management software chargeback to help manage and reduce the costs associated with fraud (52%).