Socially distant spending: Payment options are critical to business

The 2020 pandemic has changed the way the world operates, particularly in countries hit the hardest.

Some businesses were able to adapt quickly, operating at reduced capacity while restrictions were in place. Others closed completely for weeks, forcing them to make critical business decisions.

As lockdowns loosen and consumers try to regain some normalcy, companies continue to evolve and adapt to new regulations – but consumers have adapted, too.

And the world going forward will be different.

We know that the e-commerce boom is here to stay, so making payments simple to conduct is crucial to any online business. You also need to make sure your site reflects regional preferences and appropriate tax calculations.

When it comes to in-store or in-person purchases, contactless payment is a must. Customers are anxious – they don’t want to touch money, or have to pick up pens, press keypads, etc. And many local regulations encourage the use of cards or other contactless methods instead of cash.

Show me (but don’t touch) the money: Tips for managing contactless payment

Consumers have adapted and changed their buying habits during this pandemic – there’s been a behavioral shift in how consumers spend across all sectors – whether it be food, clothes, or electronics.

The way consumers now purchase and make payments has changed.

Here are three ways businesses can adapt their payment methods:

1. Omnichannel and everywhere: Omnichannel rules the day when it comes to maintaining sales.E-commerce stores that are simple to use and accept consumer’s preferred local payment methods have an edge and are less likely to suffer from abandoned carts. A rise in online sales also means a rise in fraud. Do you have the right solutions in place to protect yourself against fraud and chargebacks?
2. Low-to-no contact: Changes have also been made to the way people pay. With more consumers encouraged to use contactless payments, credit cards are being encouraged over cash and there’s been an increase in digital wallets and alternative payment methods.Are you providing your customers the options they prefer? As technology evolves, a contactless payment option becomes more and more relevant for businesses and consumers, enabling them with digital payment methods which blend technology and consumer needs.Contactless payment isn’t a new way for consumers to make payments, however during this pandemic it’s been adopted more. Businesses can implement promotions and rewards, encouraging consumers to repeat purchases and driving consumer loyalty.

   Providing a cash free zone – increasing the use of mobile terminal and smart phone payments – supports not only the social distancing rules when it comes to face to face payments, but also supplies an alternative method of payment for businesses to put into their stores. This can be a better experience for the consumer, who is looking for a safer ways to pay.

3. Consider your business payments, too: It’s an important time for businesses to review their business model – evaluating how they trade and what changes they should consider. The environment is prime for business owners to negotiate with suppliers, agreeing to different terms, or even considering moving suppliers that offer more competitive rates.

Adapt or pay the price

The way consumers now spend and make payments is forever altered – which is why it’s imperative that businesses analyze trends, looking at the products and services they provide.

Thinking about the consumer and what they think, feel, and do in this new environment enables companies to adapt accordingly once they have the information and insights into how consumer behaviors have changed.

This “new” world is here to stay.

Businesses pivoting their payment strategies will continue to grow and develop. Few could have predicted in January of 2020 the tidal wave of change that would occur in just a few months, but those who have adapted are not only benefiting today – they’re setting themselves up for success in the future.

We’re talking the future of e-commerce.
Join us for the CX event of 2020.
Register for free HERE.