In an increasingly digital world, the retailers that seize this moment of innovation will have a competitive advantage. With shoppers demanding seamless and secure payment journeys, a unified financial technology platform can bolster your retail ambitions.
Making shoppers happier, and operations leaner
The opportunity
Globally, the sports and outdoor ecommerce market has grown steadily over the last six years and is projected to continue to grow around 8.8% annually in the next four years.
With digital transformation on the rise, shoppers are demanding even more seamless payment journeys. Disconnected front and back-end channels make fulfilling their needs difficult.
Shopper’s needs
leave a store if they can't pay how they want
abandon their online cart if they can't pay how they want
are more loyal to a retailer that lets them buy things online and return in-store
buy online and pay in store at least once a month
are more loyal to a retailer that lets them purchase an item that was out-of-stock in-store and have it shipped directly to their home
prefer retailers who remember their preferences and previous shopping behaviors to create a more tailored shopping experience
Innovation deficit for retailers
Only 25% allow shoppers to complete transactions across online and in-store channels. For example, purchasing in-store but having the product shipped to their home
Only 22% accept local payment methods from outside the operating country of the business
Only 20% treat their online and in-store channels as separate with different balance sheets
Only 19% use mobile point of sale (mPOS) solutions to serve customers more flexibly and reduce checkout lines in-store
The solution
While shoppers want more options, convenience, and personalization in their shopping experience, most sports and outdoor retailers don’t yet have the technological capabilities to connect their payment channels. A single platform solution connects your front and back end channels enabling BOPIS and endless aisle retail strategies. Unified commerce payment solutions give you a clear visibility of inventory so you don't have to lose a sale. You can place an order for pickup in-store or delivery creating a seamless shopping experience.
Reliable and stable payments are paramount for your retail enterprise. With a unified platform, you’ll eliminate hurdles such as offline transactions, frequent outages, and troubleshooting problems from multiple integrations and outdated systems. And if there is an issue, in-house cloud updates can resolve them within minutes.
With a unified reporting portal, you’ll be able to reconcile and settle transactions across diverse payment methods and channels seamlessly, all in one place, at one decisive moment, and in a standardized format. That can be a huge savings boost in the long run. In fact, according to Adyen’s Total Economic Index, there was up to 70% improvement in productivity gains from managing a reduced number of payment partners and platforms, resulting in direct labor savings of $1.9 million.
“We continue to be focused on world-class technology to support our in-store and on-line integration strategy. Partnering with Adyen provides us with a more centralized view of purchase data and helps us better understand our customers so we can provide them with personalized experiences."
Playing to win against fraud
The opportunity
With consumer behavior shifting to ecommerce, payments fraud is becoming more of a problem for sports and outdoor retailers. Additionally, the average transaction value in this industry is relatively lower than other retailers. This means value efficiency is critical.
Sports and outdoor retailer headaches:
see significant costs to their business from fraudulent transactions and chargebacks
are searching for payment service providers (PSPs) that offer a chargeback liability guarantee
are searching for PSPs that offer improved fraud defense mechanisms to combat theft
The solution
The most effective fraud solutions today combine machine learning with customization. They let you identify unusual behavior, differentiate genuine shoppers from fraudsters, and get the latest updates on different markets and shopper behavior. The right financial technology partner can help you keep track of changing regulations, cybercrime trends, and evolving risk management solutions. This will help you customize your approach to managing fraud, regardless of where you are across the globe. And it will ease your compliance on top of that.
“Our [Adyen] fraud engine is not only valuable for blocking fraud, it’s also a useful tool to optimize for a seamless payments experience for retail shoppers.”
Conclusion
Staying one step ahead
Retail is digitizing before our eyes. Your enterprise’s fight to stay ahead of fraudsters' schemes and shoppers' dreams will be a determining factor in your success. Having the right partner in payments innovation can go a long way in tilting the odds in your favor. The future is here. Make sure your PSP is ready.