How payments provide the insight-driven backbone of personalisation across the retail journey.
Due to the current rate of competition among businesses, retailers need to utilize every advantage available to them to help them gain and retain more customers. APEX, or the ‘after purchase emotional experience’, deals with how satisfied the customers are with the service offered to them after their payment is complete. This determines their likelihood to return or to recommend the business to friends and family.
Personalisation is an important step in fostering customer commitment and interest in an organisation. It allows the organisations to target their offers and promotional material to the clients in a timely and relevant manner. Personalisation also enables an organisation to fully cater to its customers’ needs, eliciting a positive APEX from them. This increases the retention ability of the business.
The importance of the payment process.
One important aspect of APEX that retailers should pay attention to is payments. The right payment process will provide a great starting point in providing the customer experiences expected. A good payment experience helps in giving the customers a positive emotional experience as shown in our recent APEX study.
Importance of payment in personalisation.
Apart from being a direct contributor to the emotional experience of the customer, payments also offer a source of business insights that could be used in improving an organisation’s APEX. With the integration of an omni-channel payment solution alongside the tokenisation of payments, the business will be able to track individual purchases made by customers.
In doing so, the organisation is able to collect data from the payment systems which could then be implemented in bettering the customer experience. The data obtained could be combined with insights from sources such as messaging apps and social media and utilised in areas such as:
- Solving problems – using the data obtained from the payment systems, organisations can identify the areas causing a negative emotional response from the customers and solve them. Such areas include refunds and returns where identified difficulties could be eliminated to ensure a smoother experience.
- Targeted marketing – using payment data, retailers could track the preferences of their customers, enabling them to predict products and offers that are appealing to them. This facilitates effective marketing that will not be considered annoying or irrelevant by the customers.
As seen above, payment is a vital component of the customer’s shopping experience and should be made as efficient and convenient as possible. By creating an omni-channel with the experience of the customer in mind, organisations can obtain data that will prove vital in fostering a positive APEX, which will provide the business with a much-needed competitive advantage.
September 10, 2019