Let’s take a guess at how much ‘customer experience’ or ‘digital strategy’ have been mentioned in your business this week.
We bet it’s been more than ‘payments’.
But while roundtables still spin with buzzwords like ‘digital transformation’, digital payments are quietly rising in prominence and importance.
They are everything your business is built on, so that’s really no surprise.
What is surprising is that it took so many businesses so long to realise what an essential and integral part of their strategy they are. Far from being a cost centre or simple end to a customer purchase, payments are potential revenue drivers, catalysts for retention and loyalty, and in some instances, a key part of the decision making process for a customer to pick you over a competitor.
Clearly there needs to be a change of mindset.
Your payments strategy (and yes, you do need one!) should support your business goals. Growth and expansion, new markets and territories, loyalty programmes, flexible payment options, it all underpins your ability to adapt quickly to new business opportunities.
That’s why orchestration of payments is so important.
And why we are seeing the world’s largest and fastest growing merchants, marketplaces and platforms orchestrate their payment services. According to 451 Research, almost 70% of digital merchants preferred to take an orchestrated approach to their payments.
BRIDGE Payment Orchestration ensures payments happen smoothly, whatever the geographical or individual restrictions, preferences or trends. Smooth payments mean the difference between success and failure, customer churn or customer loyalty.
Forget buzzwords, payments are business critical.
Because, why would you put so much focus on CX if you’re prepared to lose the sale at the final hurdle? And that goes for the investment you make at every touchpoint in a digital strategy.
Such as the money you spend on PPC that doesn’t reveal lost revenue due to people who clicked your ad but couldn’t (or didn’t want to) use your payment system.
If you don’t know how much that is (and, in all honesty, you probably don’t. The platforms don’t make this information easy to find) this is something BRIDGE can help with.
If you did know exactly what you were missing out on, you could plan for and benchmark success, as well as optimise your existing digital channels.
Your business is built on payments. So, it’s vital that your payments strategy supports your business goals and addresses your business pains. Successful digital merchants, marketplaces, and platforms achieve these goals by orchestrating multiple payment services.
It’s why, over the next few years, you can expect to see payment orchestration becoming an essential part of an e-commerce payment stack.
Just remember, you heard it here first.