The Retailer Winter Edition 2023

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Personalised incentives In the current economic climate, people need a good reason to staywith brands they may no longer be able to shop with as often. In addition to competitive prices, retailers will have to offer discounts, cash rewards and virtual punch cards to guarantee repeat business. It will also be important to provide these awards in a relevant and timely manner. This increases customer engagement and helps them to feel valued as their shopping experience is personalised. But digitally implementing incentive programmes can be difficult, and they are often subject to hiccups at the checkout stage. They also need to take into consideration data privacy, security and regulations. A pay ment platform partner can incorporate any incentive programme directly into the checkout flow across any channel and multiple checkout systems, and in full compliance with customer confidentiality. This will ensure shopper satisfaction from start to finish of their purchasing journey. Outwith the old, in with the new Innovation is key to any business’s success and brands now have an opportunity to make lasting changes. Taking a page out of hospitality’s book—a sector which increased security and enhanced guest experi ence through digital processes such as online, contactless check-in and mobile key generation—retailers can utilise a range of new digital tools to improve the way they do business. Whether it’s setting up advanced data analytics, building self-serve

kiosks using AI and cameras, or facilitating touchless commerce (such as Amazon Go), brands will notice that non-traditional payment methods backed by innovative tech continue to increase revenue and reduce touch points for customers’ convenience. The individual customer has become a target which is fickle and fast-mov ing. Merchants must therefore focus on driving more of an experience for customers. And with so many ways to drive that experience, the question simply is: how can we help? To readmore about the current and future landscape of payments and how to unleash the power of pay, read FreedomPay’s latest white paper here.

Kevin Carson