Solution Portfolio - Page 62



MARKETING & PAYMENT SYNERGIES
To fully understand the emotional dimension of the purchase process, Payment managers are increasingly
looking at consumers’ behaviour. As part of this, merchants are identifying powerful synergies between
Payments and Marketing. Our survey ndings illustrate that when such collaboration occurs, the resulting
impact is usually positive. This highlights the importance of developing strong ties and cross-functional
collaboration internally, as well as continuing to foster open relationships with payment partners.
31%
No
69
%
Yes
Figure 16: Of merchants who DO include marketing input
in their payment strategy, have you seen a reduction in
check-out abandonment rates as a result of payment
user experience improvements?
48
%
52
%
No
Yes
Figure 17: Of merchants who do NOT include marketing
input in their payment strategy, have you seen a reduction
in check-out abandonment rates as a result of payment
user experience improvements?
Of merchants surveyed, 63% stated that their Marketing team has input on their Payment strategy –
collaboration is top-of-mind for many Payment managers. In addition to this, the positive effects of such
inter-function collaboration are illustrated through the reduction of check-out abandonment rates. Of
merchants who include Marketing team input in their payment strategy, 69% have experienced reductions in
check-out abandonment rates. Whereas, of merchants who do not include marketing input in their payment
strategy, only 52% experienced reductions in check-out abandonment rates resulting from payment user
experience improvements. Collaboration between Marketing and Payment functions offers clear benets –
leveraging marketing knowledge with respect to consumer behaviour,
user-experience and customer relationship management (CRM) is invaluable
to the Payment function strategy.
The value of using experience as a key foundation of Payment strategy is clear. Experience drives payment
managers to be customer centric. In turn, Payment function can more accurately capture the behaviours and
preferences of consumers. Successful merchants will use payment experience to drive improved customer
engagement, not only to increase conversion rates, but to drive customer loyalty.
The Impact of the Payment Function Today
The Quantitative Insight Into the 7 Habits of Successful “New” Payments Leaders
18

Paperturn



Powered by


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