Our high street retailers are very expensive! but far from dead!
We’re all aware that retail is struggling, but they'll always be a need for the retail experience, and the form we see today will inevitably change to accommodate the 3 main pressures of payments; Cost, Risk and Revenue.
Through many years of hard-won payments experience, Savanti have identified the 4 critical and strategic pillars that each merchant must put in place in order to maximise their retail offering, today and for the future.
To make payments your revenue differentiator, you must be;
Efficient - Minimising is key. Reducing your effort to handle your payments infrastructure, while lowering your customer's energy to pay with you, will ultimately drive your revenue and reduce your costs
Secure - At all costs. Protect your hard-earned gains, your customer's trust and the credibility you've won
Flexible - Change is a given. Your ability to pivot and flex to take advantage and accommodate the breath-taking speed of technological and customer expectations is critical
Accessible - Each payment transaction is a customer contact point. Every contact leaves a trace, and these contacts provide a wealth of data and information that smart retailers must use. The trick is to access this data without compromising your inherent trust and credibility
Efficient operations - reducing the effort to both you and your customer
For you the retailer, it’s a cost. It’s a price to deliver the technology change, it’s a loss to run the service, it’s a loss to manage the fraud. For your customer, it’s a cost in time, it’s a cost in effort, it’s an emotional cost.
The payment infrastructure incurs a cost from numerous sources, the further you move away from the payment source the more diluted and complex the payment processing becomes. Optimising your network of acquirers is key to driving this efficiency. By enabling local acquirers over international offerings savings, and efficiencies can quickly be found.
For your customer, the hard fact is that every click or decision in the checkout process is a reason not to pay. The simplicity of the payment mechanism is key, identifying and implementing the right payment solution for your customer, whoever and wherever they are will be critical. The correct answer can quickly reduce the checkout time from nearly 70 seconds down to 12 seconds. From almost 28 keystrokes to a simple 3 interactions.
The efficient operations of both your infrastructure and the payment experience will directly impact the cost to you of the payment.
At Savanti, we consistently advocate the need for an efficient approach to operational and functional payment design, to reduce both the cost of the payment and drive the revenue from the customer.
Reduce the friction, drive your revenue