Paysafe’s latest whitepaper explores how the digital revolution of the internet and moving payments online has changed the consumer’s approach to commerce.
The move to digital platforms has inevitably made it more difficult for merchants and retailers to stand out amongst competitor businesses. The winning formula, as explored in this whitepaper, requires exceptional customer experience and implementing the highest form of security to fight fraud.
Making the consumer experience seamless and as enjoyable as possible will see a significant up rise in return customers. In order for retailers to keep up, an innovative strategy is key; improving the end-to-end customer journey and enabling a frictionless experience to avoid lost sales and abandoned carts.
According to Lost in Transaction Vol II, the second whitepaper by payments expert Paysafe, 67% of people have abandoned an online shopping cart in the last month.
The whitepaper explores why data protection and security is equally as important as a flawless customer experience, and for merchants, fraud protection is a priority across the board.
Oscar Nieboer, Chief Marketing Officer at Paysafe Group says: “Customers have spoken. It’s not about making payments online easier anymore.
“It’s about making it safer. Businesses need to listen.”
Reduction in the incidence of fraud, in particular, must be a key objective for any merchant conducting transactions online. Failure to do so will lead to financial losses for companies and consumers alike.
The drastic volume of online payments and transactions isn’t an easy adoption for online merchants. Card purchases currently dominate online transactions, although 40% of merchants stated they would prefer to see less use of debit and credit card purchase and a wider adoption of digital mobile wallets.
Danny Chazonoff, Chief Operating Officer at Paysafe Group adds: “The challenge facing merchants is clear. It’s about achieving the right balance between delivering the most frictionless consumer experience possible while enhancing verification methods to reduce risk thresholds.
“The interplay between risk and convenience is about more than just technology.”
This report, Lost in Transaction: Volume II, looks at how businesses can meet challenges set out by a fast-moving payments industry and ever-evolving consumer demand.
Download your complimentary copy of the latest Paysafe whitepaper to learn how your business can improve its digital journey and deduct fraudulent activity.
Whitepapers
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