Payments as a Driver of Loyalty and Growth

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    • #1812
      Frankie Shand
      Participant

      – Address and think about your customers needs instead of implementing something for the sake of it. If it’s not going to work don’t integrate it. But on the flip side if it’s not too hard to implement then it’s worth trying.

      – We’re probably missing a trick. Paid social wise we use thousands of different options, so were going to dive into the payment demographics and see where we can tap in.

      – As much as we want to implement different payment options, there are challenges with attribution, reconciliation. Saturation of choice can be a bad thing with too many payment providers, although it is a loyalty driver through convenience and speed of transactions. Things like not having Klarna and Apple pay will create friction and be outdated for the customer.

      – It’s different for different verticals, makeup is an art so people want to go in store and have that interaction but other industries may not need human interaction so much.

      – We seem to be in a reasonable enough place, with enough payment options. There’s a balance to be had between too many and too little payment options. There are a lot of struggles with adding apple pay and google pay etc which may not be worth while for us to add them.

      – Hearing people have had difficult experiences makes you think twice about introducing some advanced payment methods

      – We need to focus on where our demographic is and personalise to this. We need to research on what customer journeys our demographic like and see if these payment providers will add value and drive loyalty for these demographics.

      – Reassuring to know that not everyone has apple pay, thought I was really behind. Too much choice is not good as it adds friction. I’ve been pushing so hard against virtual store and I’ve been so against it compared to my team, was reassuring to hear that someone else in the same vertical tried it and it didn’t work.

      – Everyone agrees that you need to remove friction and making payment as easy as possible for the customer, but also not over egging it.

      – There’s more important things when partnering than price, it’s all about reach, engagement, customer expectations, loyalty. We need to see these as opportunities and embrace them.

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