To win tomorrow, retailers must act today
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To attract and retain a new international audience, retailers must talk their language – literally. That means browsing in their own native language and purchasing in their local currency or payment scheme.
The meteoric rise of mobile is having a
significant impact on consumers’ traditional shopping habits too. Customers of all ages now use their mobile phone as part of their shopping journey, whether that be to locate their nearest store, research goods and find the best deals, and shun window-shopping in favour of tracking down local offers via apps. Retailers have to respond to these changing
expectations and deliver the mobile shopping experience customers want. One that makes it as quick and easy as possible to buy goods on a phone – and converts positive intent into real sales. That means doing away with long-winded online registration forms and keeping taps, swipes and typing to an absolute minimum. One of our solutions, PayPal One Touch, lets shoppers skip the log-in process and get straight on with making their purchase in a couple of clicks. Likewise, retailers should consider offering customers as many ways to pay as possible – from secure credit/debit card payments to Apple Pay, Android Pay and PayPal. The best practice here is to enable these through a single integration that future proofs that investment and can adapt to new and emerging payment trends.
CONTEXTUAL COMMERCE Retail is quickly evolving beyond its traditional home in stores or websites and is showing up in other channels, like social media sites, blogs, emails and messaging apps. Termed ‘contextual commerce’, this trend is still in its early stages but we’re beginning to see it make waves for businesses by allowing customers to buy whenever and wherever the inspiration grabs them. It means they don’t have to stop
what they are doing online while they get redirected to a separate commerce site or mobile app to buy something. Take the US for example. There, consumers
spend around 20% of their total time online on social platforms. Connecting with consumers directly within these sites therefore offers retailers a lucrative opportunity. Indeed, at PayPal, we’ve already seen the power of contextual commerce in action as Braintree, a PayPal company, is providing the payment platform for the new Uber feature in Facebook Messenger. This feature lets users order cars directly via the social media app while chatting to friends. Put another way, contextual commerce can
offer shoppers a truly ‘frictionless’ experience, enabling products to be sold where they’re first seen and the shopper to stay in the moment and transact. That kind of convenience is likely to secure their loyalty.
START TODAY, WIN TOMORROW As the retail landscape evolves, the choice of whether not to embrace the change is becoming, well, not a choice at all. To succeed retailers of all sizes and sectors must act now to find ways to meet the needs of a modern generation of consumers who expect to shop how, when and where they want. For those businesses that are prepared to evolve today, opportunity knocks for the future.
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