44 percent Consumers prefer sellers who, based on their preferences and behavior in previous purchases, create a more personalized experience for them, according to Adyen’s “Retail Report 2022.” Plus, 61 percent. are willing to shop at stores that use technology to enhance their shopping experience. Different payment methods are among the most popular conveniences. E-commerce is constantly investing in new opportunities in this sector, which only confirms a number of changes taking place there. For example, it is linking payment systems to other business areas. Adyen’s research indicates that such an investment quickly pays for itself.
– Artificial intelligence is crucial for anyone involved in retail today. Without knowing what to do with data, we would not be ready for the future, especially in the face of new trends in the world of e-commerce, says Tim van Diest, managing director of Dutch payments company Adyen for Central and Eastern Europe . . Adyen enables businesses to accept point-of-sale, online and mobile payments. – In e-commerce, there are many ways to use artificial intelligence and data to make the right decisions.
One of them is to know the customer, his preferences and his behaviors, and on the basis of this data, to improve his shopping experience, for example by offering him the products he needs or the payment options. which he chooses the most. Consumers appreciate this type of initiative. According to the “Retail Report 2022” study, 44 percent. of respondents prefer stores that remember their previous shopping behavior and create a more personalized experience on their next visit. 40 percent He also says he likes when sellers offer them profiled ads or suggest products. At the same time, 61%. Polish consumers are willing to shop at stores that use technology to improve their shopping experience. These include solutions such as new means of payment, kiosks to check the availability of goods or digital mirrors. In Europe, such a trend is declared by 47 percent. respondents.
The Adyen report also shows that 30 percent. Retailers use payment information to understand user behavior and improve customer experience.
– In the past, you used to go to a website and buy a product by pressing the “pay” button. The available means of payment then appeared. Now, using the data, we can define the methods that correspond to a specific command. For example, certain payment methods can be used depending on the size of the transaction, i.e. others for smaller transactions and others for larger transactions, explains Tim van Diest. – It increases the conversion rate as consumers will be able to pay with their preferred payment method making it faster and easier for them to check out. 20 percent Poles have abandoned the cart at least once due to an unavailable method or too long checkout time.
Because payment issues – security, choice and speed – are so important to shoppers, e-commerce continues to invest in this area of business. According to the general manager of Adyen in our region, this does not mean that we will face revolutionary changes, but rather the optimization of current methods. One of them will be the generalization of the “buy now, pay later” option, which debuted in online stores last year, and which is now also reaching traditional commerce.
– New payment methods are also methods used by large applications that have an integrated payment function. These are super apps such as Lidl Pay, Allegro Pay, Booking Pay – everyone is open to such solutions. I think the first entity that did this many years ago was Chinese WeChat. He created an application that provides a wide range of possibilities – you can buy bus and plane tickets, run errands, use taxis. I think we are seeing shifts towards using super apps on other platforms as payment methods, which is a very interesting development – says Adyena CEE Managing Director.
According to him, the online payment process will be faster and easier, while increasing the security of transactions, thus making it difficult for cybercriminals to steal.
Another trend observed in payments results from the interpenetration of online and offline worlds in commerce.
– This is, for example, a new method of payment at petrol stations. When we visit a gas station, we fill up the car, enter the building and pay. Currently, however, many resorts are moving towards online payments, despite it being a physical transaction. We arrive at the station, fill up and leave without entering the building. The service station scans the license plates and knows in advance which method of payment to apply to it by charging the fee online. I think this is a very good example of the advantages that customers can have in terms of making transactions invisible, explains Tim van Diest.
Such investments bring economic results. 72 percent Adyen’s survey of companies that combine online and offline systems predicts an increase in sales of at least 20 percent. Similar results can be achieved by combining payment systems with other parts of business activity (eg, inventory management, supply chains, or a loyalty program). Already 18% have decided to take such a step. Polish companies (the world average is 24%) and 80%. of them saw a 20 percent increase in sales. or more.