It’s clear that, in the wake of a global pandemic, retail customers’ habits have shifted. Consumers continue to work remotely, with less proximity to retail hubs and fewer opportunities to travel. Consumers have become savvier with online shopping, and the competitive landscape has become stronger and more international. Online merchants must, therefore, navigate technological advances, facilitate seamless cross-border payments and offer local digital payments options.
What’s more, people’s lives have intrinsically changed. Merchants are under pressure to support complicated financial circumstances with credit options and buy now, pay later methods, as well as maintaining high customer service standards — offering quick delivery, simple returns, and fast refunds. All while keeping up with increased customer demands, remaining flexible, innovative and staying ahead of their competitors. No easy task.
There isn’t one magic bullet, of course. But building a strategy of seamless customer experiences around payments, both on purchases as well as returns, is an astute start. Salesforce Commerce Cloud is a popular platform for enhancing online customer experiences and growing an end-to-end online retail business. When combined with Nuvei’s Salesforce Commerce Cloud plugin for payment services, a vast number of the post-pandemic pressures can be alleviated.
Here are a few common problems that Nuvei’s plugin solves:
Being local, globally
Being a global merchant that offers unified online shopping experiences presents significant complications —facilitating payments across borders whilst being completely local for the consumer in payment methods, currencies, and refunds.
Covid-19 has had an impact on cross-border ecommerce. Disruptions in supply chains and delivery meant the flow of goods was negatively impacted but foreign sales quickly bounced back as soon as the global economies started to reopen. With that comes a need for local presence for payments and logistics, or the process becomes complicated, messy, and costly in both reputation and fees.
Nuvei has genuine local acquiring capabilities in multiple markets (over 200). When Salesforce-enabled merchants add the Nuvei payment cartridge to their environment, their target countries can become a truly local marketplace. With 45 direct acquiring countries, it also means better acceptance rates, smarter transaction routing, lower fees, and remittance like-for-like in local currencies.
Overstretched IT resources
Something I hear a lot in my line of work is how little time retail IT and development teams have, these days.
The pressure on tech teams can be a huge roadblock for commercial innovation and progress. As such, forward-thinking merchants remain locked in legacy systems, outdated platforms, and clunky, closed architectures.
Integrating a plugin is a much faster path to innovation. Nuvei’s Salesforce Commerce Cloud cartridge has been recently revamped. It is built on the latest industry technologies and offers all the leading alternative payment methods. And it can be easily installed via Salesforce, entirely code- and headache-free.
Excellent news for forward thinking retailers that want access to innovative tech and to wow their customers, without having to beg their IT department for time.
Accessing agnostic payment platform
Consumers want choice before parting with their cash—the same is true for merchants. And while it’s not unusual for top digital payment companies to expect a merchant to operate solely within their entire ecosystem, it can stifle business development and growth opportunities.
Nuvei, meanwhile, stands for choice, agility and modular technology. Nuvei’s retailers don’t have to choose between payment providers or acquirers. Our customers can tap into our extensive industry knowledge to build and optimize the best global or local payment mix for their specific business needs. Without feeling aggrieved that they are locked in to one provider.
Expertise from real human
Chatbots and online help centres are more sophisticated these days and certainly can be helpful with basic enquiries. But when your tech fails, particularly out of hours, there’s nothing more frustrating than being stuck in a support loop without answers.
At Nuvei, we pride ourselves on being a true partner for our merchants. Not only is support offered over the phone whenever it is needed, moreover we act as a true business payment consultant that helps customers match the right offerings to their business needs.
Matching payment methods to shopper preferences
Retail consumers want quantity, quality, or both. So, as well as serving fashion-hungry millennials and Gen Z-ers, buy now, pay later schemes are exploding in popularity with an added element of ‘try before you buy’.
With the rise in popularity of online shopping and new generations coming online, the adoption of new payment options is happening faster than ever before. Take, for example, buy now, pay later solutions like Klarna and Afterpay, where consumers can now even convert their homes into a ‘virtual changing room’ by trying before they buy.
But choosing and implementing alternative means of payment can be problematic and time consuming for merchants. Not simply with the overwhelming amount of choice, but also from a branding perspective.
Retail merchants want to serve their customers with multiple options, but they also want to keep their valuable brand identity in check. And that can vary across different markets. If they’re offering high-value goods, for example, some buy now, pay later options may not be able to accept the high transaction values, or pre-paid solutions could devalue the perception of their products in certain territories. Other alternative payment methods may be more appropriate and familiar to these customers.
When retailers add Nuvei’s payment services through our Salesforce Commerce Cloud plugin to their ecommerce environment, they don’t just get the benefit of choice. They can handpick the perfect payment mix of over 500 payment methods for their customers in each market, including Klarna, Afterpay, Alipay+ from Alipay, Apple Pay, Google Pay™, and many more. All with the agility to change at short notice if necessary.
So, retailers might feel overwhelmed when it comes to serving the more demanding 2021-and-beyond customer. Merchants that are already making use of Salesforce Commerce Cloud to streamline their customer experiences and online offering, however, do have one easy way to implement a perfect solution when it comes to enhancing their domestic and global payments offering.
|Marianne Salmans is the Vice President, Retail EU, Digital Payments at Nuvei, responsible for optimizing payment strategies for EU-based retail partners. With 14 years of fintech experience advising clients based in the US, APAC and Europe on their global payment strategies, she brings a wealth of insight and experience to the role. In her spare time, she enjoys golf, yoga, and travel.|