Australian Retail Report 2024
Balancing customer experience and business efficiency
Consumer and business research and insights from industry experts uncover how retailers can find the perfect balance between customer experience and business efficiency.
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businesses
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Tipping point
“Retailers are, more than ever, looking to maintain differentiation while ensuring efficiency,” said Alex Rhodes, Global Head of Unified Commerce at Adyen. “They must juggle this in an increasingly complex environment of changing regulations, new payment methods, new technologies like AI, new global competitors, and new business models.”
“On top of that, the surface area they need to manage is expanding, from stores to ecommerce, mobile, and social. Retailers are challenged with connecting and integrating these channels while ensuring a consistent customer experience across each one. All this is within an increasingly global context with quickly evolving consumer demands.”
Retailers have a lot on their plates. But, challenging times often provide the richest growth opportunities. New technology and rising customer expectations are helping to raise the bar across the industry. And the retailers that stay ahead of the curve, will reap the rewards. The key to success is staying on top of customer demands without adding unnecessary complexity to your business, which poses the question:
How can retailers balance amazing customer experience with operational efficiency?
How can retailers balance amazing customer experience with operational efficiency?
of Australian consumers will abandon a purchase if they can’t pay how they want
of Australian businesses and 47% of global businesses that connect their backend systems reported increased sales
higher revenue growth is predicted in 2024 by businesses that know the majority of their shoppers
of Australian consumers feel more unsafe shopping today than they did 10 years ago because of payment fraud, compared to 25% globally
Make buying easy
How do you offer a variety of great payment experiences without adding complexity?
The moment of payment, whether in-person or online, perfectly illustrates the line retailers must walk between efficiency and customer experience.
“When it comes to speed vs customer experience, finding the right balance is crucial. On the one hand, you want to get your customers through the checkout as quickly and easily as possible. On the other hand, you want them to sign up for a loyalty program or engage with you in some way.” Holly Worst – Vice President of Retail, Adyen
Payment technology can help, both in terms of ensuring a smooth experience and fostering further customer engagement. But, the payment landscape is evolving fast, with new methods and channels being added all the time. The challenge is to provide the best payment method and channel mix for your customers without weighing yourself down with too many complex integrations.
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Customer experience and business efficiency are often seen as opposing forces. However, our research finds that combining the two can unlock exciting growth opportunities.
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