It’s no secret that retail and hospitality sectors have suffered in the past few years. With so much choice for consumers, businesses are finding themselves pushed out and constantly trying to claw their way back in. Notably, last year was a poor year for retailers so, how can they fight back? Well, it’s predicted that fintech and payments technology will be their knight in shining armour. The customer experience is paramount for increasing sales and it’s about to get a whole lot smoother.
Unified commerce becomes king
For years, retail has kept their stores and online channels completely separate, but that’s about to change. By creating a single unified channel, the retailer can consolidate data from all sales channels. This means they can get a greater understanding of who their customer is and meet their needs more efficiently, helping them build better and more personalised shopping platforms and relevant loyalty offers. Let’s say a customer hasn’t shopped with you for a while and you want their business back. Unified commerce can create the right kind of offer to entice them back to your store, increasing your chance of making a sale and keeping that customer long term. The customer feels valued, understood and gets a good deal and you make a sale, perfect!
Use Fintech to cut waiting times
With the advancement of technology, we’ve become increasingly less patient as people. We’re growing used to instant gratification. Ever become angry when a video takes too long to load, and you’ll know what I’m talking about. The hospitality sector is responding to this by cutting waiting times. How? Introducing the chatbot! Technology that allows customers to pay at the table without a having a waiter, merchant card machine or be delayed by their change. This means having to catch the waiters eye and do the ‘bill signature hand gesture’ could be a thing of the past!
Create new customer experiences with Open Banking
Described as one of the biggest shake-ups to hit the banking sector in generations, Open Banking is set to create a better experience for the customer. With the permission of the customer, organisations will be allowed to securely share the financial data they’ve collected with registered third parties, helping businesses gain a clearer picture of their customer, their spending habits, what regular payments they make and the kinds of companies that they spend with. This means consumers are given access to better and more relevant products, services and prices. This new kind of banking makes more intelligent use of consumer data and creates an entirely new journey for the customer.
Fraud prevention becomes more consumer friendly
In 2019, 60% of retailers experienced increases in fraudulent activity. For the most part, security measures haven’t always been so consumer-friendly, but that’s about to change. Payment providers will now be able to run quick fraud checks in the time it takes the customer to tap, swipe or punch in their pin. Transactions that require a few more security checks such as photo ID (selfie) and fingerprint payments will become seamless and streamlined, meaning customers won’t be left waiting around for the ‘transaction completed’ notice to pop up. Fingerprint and voice recognition plus facials scans could become the norm to help in the fight against fraud.
If you want to fight back this year, you’ll have to adopt some digital thinking into your business. Consumers want seamless experiences and quick, streamlined transactions. With Fintech, you’ll be able to meet their needs while finding new and easier ways to keep them coming back.