Courtesy of Adyen
- Technological capabilities, security regulations, and customer expectations are evolving.
- Enterprise companies are turning to secure, global payment platforms that meet customer demands for how and where they shop.
- From arts and entertainment to health and wellness, businesses across industries are tapping into financial technology to drive growth.
The payments landscape is constantly in flux. With new technology, changing security regulations, and evolving consumer expectations, businesses with an eye toward growth need a seamless, single system to keep them agile in adapting to these changes.
Gone are the days of outdated online checkouts that divert customers to external payment sites, increasing both the risk of fraud and the likelihood of cart abandonment. Customers today want a streamlined and secure buying experience that accommodates their preferred payment methods, which can vary from consumer to consumer. To meet these needs, organizations also must be able to access data-driven insights across various channels.
The solution is to use integrated financial technology platforms designed for agility and scale to simplify checkouts, improve workflows, and collect data in one place.
Below are three tips to help enterprises stay informed on the latest financial technology trends, while delivering value to their customers and employees.
1. To innovate at scale, think global
Enterprises often struggle to drive results when they have to constantly navigate fragmented payment systems. Tessitura — a global ticketing platform for arts organizations — used to grapple with this very issue. After partnering with Adyen and leveraging an embedded payments solution, the company zipped up its fragmented payments system. This made transactions, especially high-volume ones, more cost effective and efficient.
Businesses like Tessitura looking to scale must embrace a variety of local payment methods and consolidate data across siloed sales channels. They also need a platform with machine learning capabilities to make real-time, data-informed decisions, while also managing risk across all customer interactions.
Choosing a single payment platform is a good starting point for increasing agility, but the type of platform you choose matters. North American enterprises are some of the wealthiest in the world, but they need a partner with global reach and local payment expertise. A provider that offers payments, data, and financial products on a single platform built for enterprise scalability is crucial for successful expansion.
2. To attract and keep customers, choose flexibility and ease from anywhere
Customers don't like to deal with payment hassles — especially when they're trying to have a relaxing spa day. For QC Terme, a global spa and resort, the challenge was to enhance the spa experience by removing the friction of payments as much as possible. By leveraging Adyen's tokenization capabilities, QC Terme is able to tokenize card data and link it to wristbands, allowing guests to make payments without having to use their phones or wallets.
Today's customers favor brands that make payments easy and flexible and accept payment methods from around the world. By leveraging Adyen's s tokenization capabilities, enterprises can harness transaction data to retain customers and drive revenue.
3. Don't let legacy systems slow your growth
According to a report from the Federal Reserve Bank of San Francisco, 82% of transactions occur in physical stores but lack customer identification. As a result, many enterprises are unable to access the insights to understand their customers' preferences.
Unified commerce requires connecting previously siloed sales channels into a single platform, which provides a centralized overview of all transaction data and provides critical insights retailers need for better inventory planning, targeted marketing strategies, and product strategy. For example, global fashion group AWWG, which owns the brand Pepe Jeans, is using Adyen's Data Connect for Marketing to better understand customer habits across channels and drive improvements in its loyalty program and tailored shopping experiences.
"Our top priority is gaining a deeper understanding of our customers," said Angel Vázquez Cabezas, group head of customer care for AWWG. "Data Connect for Marketing helps us to identify individual shoppers who make purchases with us across multiple channels, sometimes with different registrations. It means we can better communicate with individuals, with really relevant, timely experiences."
Taking the next step
For businesses looking to scale amid a changing economic landscape, a single financial technology platform isn't just a choice; it's a necessity. The future of business lies in platforms that offer an agile approach to payments, data, and financial products — all integrated into a single solution. As a result, businesses are equipped with the knowledge and tools required to face future business challenges head on.
This article was created by Insider Studios with Adyen.