Solution Portfolio - Page 59



PUTTING PAYMENTS TO THE TEST
One of the key ndings from our study last year was the importance for Payment managers to experiment with
new features, to not only provide an innovative service, but to ensure that businesses continue to build an
understanding of their consumers’ behaviour in order to tailor their service accordingly. With customer
preferences continuing to evolve and change on a day-to-day basis, and an increasing trend towards
personalisation of shopping experiences, it is vital for Payment managers to stay on top of changing
expectations.
Data intelligence is a key source of information that allows Payment managers to
develop a customer centric understanding of behaviours and preferences.
Within this, A/B testing is a crucial tool used to capture and measure customer preferences. Such testing
enables Payment managers to understand how customers respond to alternate versions of a webpage, through
review of interactions and analysis of conversion. The value of A/B testing resides in its ability to evaluate new
features in order to ensure that any element introduced to the payment strategy, will indeed provide a
recognisable value-added benet.
Our study shows that 67% of merchants carry-out
payment A/B testing. Merchants are actively working
to identify the best practices for their specic
customer base. In addition to this, 33% of merchants
carry-out such testing 1-5 times a month. Such
continuity of testing illustrates the nature and pace of
innovation in the payments industry. Data intelligence
is used more and more in real-time in order to rene
customer segmentation, recongure service delivery
and as previously stated, introduce new features.
As the payments landscape continues to evolve
at a rapid pace, it is important for payment
managers
to
keep
abreast
of
the
latest
developments. Along with this, they should bring
an element of pragmatism to evaluate which
innovations will provide tangible benets and
avoid jumping on every bandwagon.
The Impact of the Payment Function Today
The Quantitative Insight Into the 7 Habits of Successful “New” Payments Leaders
15

Paperturn



Powered by


Full screen Click to read
Paperturn flipbook system
Search
Overview
Download as PDF
Print
Shopping cart
Full screen
Exit full screen