A buying experience that causes friction for your customers can adversely affect their relationship with your business, to the point of even making them stop buying from your business.
Therefore, it is important for businesses to have a program in place that detects friction, determines the problems causing that friction, and fixes them. This way, they can provide customers with a meaningfully improved experience and maintain a great relationship and loyalty.
In this article, we will explore how to create a frictionless experience for customers:
Support for your international customers
Accept international payments in different currencies to generate new revenue streams. Cash flow, credit, investments, and expansion are all affected by the ability to receive and remit money.
Many businesses are now looking to expand their reach internationally as their business grows. And customers in these markets want a frictionless payment experience in their local currency.
A payment gateway, such as TRU Connect, can be seamlessly integrated into your business’s existing systems and workflows, allowing your customers to pay locally without increasing fees and operational costs.
A single view of the customer
The payments data gives a real-time view of the customers and their transactions. In order to test what works best for your customer segments, you need to investigate them, understand their behaviour, and understand their preferences.
Analyse the average transaction amount of your frequent customers and identify the behaviours that lead to loyalty. Your payment data has shown you who your valuable customers are, and you can start tailoring your marketing strategy in a way that makes the upselling process frictionless.
In the near future, the pattern of transactional data, behaviours, and history of social engagement will create seamless interactions between the digital and physical worlds. Customers will be able to pick up items in physical stores, and payments will be taken automatically when they leave the store. Wallets will be synced, and cash will soon become obsolete.
Visibility through omnichannel
No matter where your customers shop, whether in-store, online or on social media, they should be able to have a frictionless payments experience. Linking multiple services to a core payments technology platform to simplify payments for both customers and merchants is something that we call Converged Commerce™ at Trust Payments. We believe that Converged Commerce™ allows merchants to use seamlessly connected payments to allow customers to experience that true omnichannel experience, whether they are ordering online and picking up orders in-store or the other way around.
Using this new type of commerce, businesses will be able to understand who is buying their products, where they are based, when they are buying and why. Mobile or pop-up shops are becoming more popular, or a retailer may take up a concession within a larger store based on customer patterns. Flexible payment systems are preferable to more formal and complex infrastructure in such situations.
Real-time inventory management
A fully integrated eCommerce platform like Stor will allow you to manage inventory in real-time, so your customers are never left disappointed by not being able to shop for items that are out of stock. You can quickly respond to changing supply chain needs by tracking inventory in real-time.
With real-time inventory data, you can gain unparalleled insight into past and future demand, as well as sales performance. You can optimise your supply chain by understanding historical inventory trends, so you can expand your business effectively.
Inventory levels have a tendency to fluctuate with demand, making it difficult to optimise them. However, real-time inventory data allows you to better plan inventory and store it according to historical data and trends. Such data can also be used to calculate the appropriate amount of stock to help ensure there is always sufficient inventory without paying too much for storage or having too much capital tied up in inventory.
Keep up with your customers
By identifying and implementing changes to close the gap between what customers expect and what they actually receive, you can increase customer satisfaction. As a business, you need to understand that this is an ongoing process. In order to keep up with the changing customer needs, systems and tools to bridge the gap should be reviewed regularly to ensure that they are able to keep up.
