The Covid-19 pandemic has profoundly changed our daily lives. Whether it's the classes that have left the school premises to lounge in our living rooms, the need to distance ourselves from those we meet on the street, or the way we buy the products and services we need. On this last point, what was already a growing trend towards the digitalisation of daily life has exceeded the best expectations, leading to exponential rises in demand and supply in online commerce.
The paradigm in force until March of this year has undergone an abrupt change, with more and more consumers and companies making e-commerce platforms their shopping centre of choice. Taking advantage of this change in consumer habits, which many experts believe is here to stay, for companies is a challenge, a challenge that involves keeping up with the technological development of the payment methods and digital platforms in order to meet the expectations of an increasingly demanding public.
This need is even more pressing when the majority of this audience is made up of generations who either know nothing more than online as a commercial and social platform, as in the case of Generation Z (people born after 1995) or those who were born before the online boom adapted easily to this reality, as in the case of Generation Y/Millennials (people born between the early 1980s and 1995).
The success of an online company (or one with an online presence) in the 21st century will depend, as we have said, on its ability to meet the demands of digital natives, guaranteeing them a consumer experience that has to be, at the very least, perfect, starting with payments.
Knowing how to recognise the demands and expectations of this new type of consumer begins with understanding how new digital resources have changed the lives of these same new consumers. And by incorporating these features, merchants can provide the kind of payment experience that the increasingly dominant younger generations expect.
This recognition is beginning to take hold in Portuguese e-commerce. According to a study carried out by REDUNIQ InsightsThere has been a 333% increase in the number of memberships to online payment solutions for merchants when comparing the time interval between 13 March and 25 April 2019 and 2020 and a sharp rise from €72.74 in 2019 to €105 between 13 March and 25 April this year in average spending on each online purchase by consumers.
On the part of REDUNIQThe contribution comes through your REDUNIQ @Payments payment solution which allows merchants operating in the digital world (with/without a website) and needing to accept online payments accept remote card paymentsThis is a simple, practical and secure solution, even if sales are made via social networks. In fact, in the field of social networks, this solution @Payments received an upgrade a couple of months ago with the addition of a feature that allows businesses to send links to payment by WhatsApp or SMS, thus increasing the speed and intuitiveness of the transaction.
Alongside @Paymentsand also governed by the highest standards of international security for e-commerce payments with the integration of 3D Secure security technology, the REDUNIQ developed the E-Commerce solution which adapts to the needs of each business and is compatible with the main e-commerce modules.
As you can see, the rapid rise of new technologies and the digitalisation of payments is now a decisive factor in the success of those who make payments. distance selling the centrepiece of your business. To better understand it, here are 7 Key Factors that companies should keep in mind to approach payments in a digital future.
7 Key factors for payments in an increasingly digital future
1. Speed
In a society that lives at the speed of a click, making the act of online payment fast and efficient is a crucial point.
According to a recent study, around half of Generation Z and Generation Y consider quick and easy payment in a physical shop to be the most effective way for merchants to win over their customers. customer loyalty. And the story is similar for online businesses, 59% of online shoppers say they are less likely to buy from the same online shop again after abandon an online shopping basket due to the complexity and slowness of the payment process.
2. Convenience
If payment is the icing on the cake, the merchant has to provide the buyer with a more convenient and rewarding shopping experience. Younger generations value this part immensely. Top-performing online attributes that translated into higher sales conversion rates included products on offer, "on the spot" online assistance, stock status, a transaction progress bar and the ability to easily add a product to the online shopping basket.
3. Control
Offer customers the option of using your payment method giving them the tools to control every stage of the transaction is also essential. Consumers, especially Generation Z and Generation Y, value buying from online shops that automatically read the items in their basket and allow them to control which way payment is made.
4. Interconnectivity
The era of loyalty to a specific shop or trader ended with the advent of e-commerce. Consumers care more about the quality and speed with which they buy than who they buy from.
In fact, more than a third of Generation Z and Generation Y shoppers end up buying something on one shop's website while in a different shop. Providing seamless connections between online transactions and offline (interconnection of the shopping experience) is therefore fundamental for someone to buy from the same shop again.
5. Value
It's not enough just to have good prices. Online retailers who want to add value to their business must also be concerned with offering services, being responsive and creating programmes that meet consumer expectations. This is the basis for building loyalty and capture important data on the profile of the consumer who visits it.
6. Fraud
With the increase in online purchases, consumer concern about cybersecurity has also grown. This concern is fuelled by the increase in the number of crimes related to this area. For this reason, while consumers must first analyse the suitability of the online shop they choose to buy from, online businesses should pay no less attention. Ensuring that online payment systems that they incorporate into their website comply with the European directive stipulating the mandatory use of EMV 3-D Secure (or EMV 3DS), as the standard for strong authentication (SCA) that supports new technologies such as biometric authentication, are extremely important for business success.
The convergence of identity and payment is one of the most important facets in building a solid and secure digital business.
7. Trust
Comply with each of the elements presented on the online payments is crucial to the health of the online business. All combined, they build the loyalty that brings customers back. This kind of trust goes beyond the fact that they know their data is safe. It's a trust built on the mutual understanding that every interaction is totally customer-centred.
Conclusion
The road is long, but it must begin by recognising that these new digital resources have changed the lives of today's consumers. By doing so and then incorporating them into their business, merchants can provide the kind of payment experience that the increasingly dominant younger generations expect.
* Article adapted from Discover® Global Network.
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