To tailor to the tastes of an increasingly digital-savvy, globally-minded shopper, Australian fashion retailers are prioritising innovation with newfound vigour – as they should. If brands are to match soaring customer expectations and an intensely competitive market, they must utilise every tool at their disposal to deliver a world-class shopping experience. This is where payments play an increasingly pivotal role.
In this article we’ll give tips on driving business growth through your payments platform, drawn from discussions with leading fashion retailers around the world. From increasing conversion rates to expanding globally, discover how these brands have turned payments from a perfunctory tool into a genuine business asset.
Maximising conversion rates
Conversion is the difference between buzz, and actually running a profitable retail business. It doesn’t have to be difficult either. Below are three examples of ways to make a giant leap in terms of revenue via payments optimisation:
1. Optimise your checkout page
Your checkout page can be the difference between money in the bank and a disappointed customer. From one-click payment methods to auto-filling customer details, optimising your purchase funnel and payment page should be a key focus. Take a look at our tips for optimising checkout here.
2. Ensure secure retail payments
An effective risk management system like RevenueProtect is one that performs a perfect balancing act – making the checkout process easier for trusted customers while blocking fraudsters simultaneously. By combining custom fraud rules with machine learning, RevenueProtect is capable of recognising shoppers’ behavioural attributes and assessing the validity of a transaction, helping decrease fraud rate while increasing authorisation rates.
3. Recognise and reward loyalty
By recognising repeat customers, you can remove barriers to a successful purchase. With their payment details saved, shoppers can be a mere finger tap away from their dream outfit. Their loyalty scheme can also be tied to their payment details so whether they're buying in-store or online, they'll never miss a benefit or personalised offer.
Expanding your horizons with local payment methods
If you're thinking about expanding into new markets, how you approach your global payments strategy is crucial. Rather than adding new payment partners in each region, try to capitalise on the benefits of a single payments platform, capable of supporting you almost anywhere in the world. That way, you can open your business to multiple markets, add local currencies, and let your customers pay the way they want, no matter where they are.
It can be difficult to know the specific business requirements of each market you want to expand to. The world is full of local preferences, and payment methods are no different.
Some of our customers, like Irish sportswear retailer Life Style Sports, benefited from having a partner on hand to help them expand to the Netherlands, Germany, and France, where they rolled out local payment methods to fit each region.
Having a global, centralised approach to your payments also facilitates reconciliation for all of your markets for a better view of your international performance.
Using data to reach new heights
Knowing your customer well is an essential part of doing business, but mastering your data is even more so. With payments data, you can have a sharper view of your business and better understand your shopper journeys. If you've ever wondered about any of the below, then Adyen data can help.
Why are some transactions refused?
What are my customers' preferred payment methods?
Where should I open my next store?
How many of my customers buy online and return in store?
Where in the world are my customers from?
Centralising and analysing your transaction data will give you access to valuable information to help with the growth of your business. With payment data available through Adyen, you can build a 360-degree view of your shoppers. This can then be used to:
Improve operationally with the ability to refund across channels, monitor chargebacks, and configure your risk appetite.
Gather strategic insights about returning customers, from payment method preferences to average transaction values, so you can reward loyalty and optimise price points
Learnings from payments data can be leveraged to inform your business’ bigger strategic decisions. By analysing the performance of individual stores, you can match stores based on a range of performance drivers. Stores with similar performance profiles can be used to A/B test interior layouts, offers, or in-store innovations like self-service kiosks. Stores with different profiles can share learnings such as how to increase spend in fewer visits or differentiate experiences for popular stores.
Offering flawless customer experiences
Your customers expect to have innovative, digital, and personalised experiences, whatever the sales channel. Unified commerce allows business to deliver that experience with consistency to customer journeys at every touchpoint; in store, online, in app.
Australian fashion retailer Incu builds customer loyalty by delivering innovative, personalised shopping experiences. Pay by Link is a key component of Incu’s digital-focused strategy, particularly for customers wanting greater flexibility – such as home delivery or stopping by a store to collect pre-purchased items.
You can stay ahead of the curve by not only meeting current demand, but by actively investing in the future.
Picking the right partners
Pierre Bergé and Yves Saint Laurent, Dua Lipa and Versace, Louis Vuitton and Yayoi Kusama – one of the essential elements of success is picking a great partner. It’s essential to find partners who enhance your strengths, minimise your weaknesses, and share your business philosophy.
Depending on your business type, success can depend on any number of partners: supply chain management, logistical partners, retail intermediaries. You can add your payment provider to this list.
Maybe your team is spread thin already, so rather than deploying your resources on managing your payments system, find a partner who understands your development strategy. One that allows you to launch in whichever market you choose, with confidence you’ll be ready with everything from the right payment methods to regulatory compliance.
Ready to elevate your payments?
Innovation and reinvention have always been part of fashion. It’s woven into the very fabric of the industry. Now more than ever, Australian retailers know they must continue to reimagine how they connect with customers; from how they use technology, how they navigate an increasingly globalised marketplace, all the way through to tackling sustainability and environmental challenges.
If you want to start optimising your payments, growing your business, or just want some expert advice, get in touch with the Adyen team today.