On the evening of October 7th, 25 retail leaders and disruptors gathered at The Ivy in Mayfair for a sumptuous dinner and a fireside discussion around the optimum insights and strategies to implement a premium e-commerce strategy.
The panel was moderated by Halie Adams, Senior Partner Manager at BigCommerce. Joining her for a chat were:
The following is a roundup of some of the evening’s key talking points:
The discussion opened with the importance of creating a captivating customer experience, which is a critical factor for both luxury and mainstream brands. One of the challenges highlighted was the tension between maintaining a brand’s aesthetic appeal and focusing on data-driven decision-making to optimise conversion rates.
For luxury brands in particular, brand image is a key asset, and debates often revolve around how to maintain that image while incorporating data and technology. Ultimately, the balance lies in igniting healthy debates between these sometimes conflicting priorities, ensuring that technology and brand values work together harmoniously.
Advancements in technology, particularly AI, are enabling brands to improve customer experience in ways never before imagined. AI is being used to personalise the shopping experience by understanding customer preferences and making decisions based on their behaviour. For instance, pain points like struggling with the search bar, not finding relevant offers, or experiencing slow payment processes can all be addressed through AI technology. The goal is to put the customer at the centre of these advancements, ensuring the seamless integration of tech solutions into the customer journey.
While payments were once traditionally seen as the final step in the journey, they are now considered integral from the very beginning. By embedding payment options throughout the customer journey, brands can offer a smoother experience. The need for offering multiple payment options, including localised methods, is critical, particularly when expanding into new markets. Personalisation, such as recalling a customer’s preferred payment method from their last visit, can help increase conversion rates. Furthermore, building trust through secure, transparent payment processes is vital for building customer loyalty and reducing cart abandonment.
Entering new markets is often highly complex and requires a localised approach. Many brands make the mistake of assuming that payment methods or customer behaviours that work in one country will work elsewhere. Local payment preferences vary widely, and brands must adapt by offering localised payment methods, mobile-optimised experiences, and multi-currency support.
In regions like Asia and Africa, mobile payments are particularly prevalent, and brands that fail to adapt their checkout processes to mobile users risk losing significant business. The same holds true for multi-currency support—if a brand doesn’t offer payments in the local currency, customers may face high fees from their banks, leading to dissatisfaction and drop-off. Successful global expansion requires a flexible tech stack that can handle localisation without compromising the overall brand experience.
Investments in creating engaging content and optimising customer journeys can be undermined if the site or payment system is not secure. Fraudulent transactions can result in significant losses for businesses, making security a priority when designing customer experiences. Brands need to balance creative marketing initiatives with the implementation of secure systems to protect both their business and their customers. Offering transparency about data protection policies and using secure payment gateways can build trust—a key factor in ensuring customers feel comfortable completing transactions.
Investments in creating engaging content and optimising customer journeys can be undermined if the site or payment system is not secure. Fraudulent transactions can result in significant losses for businesses, making security a priority when designing customer experiences. Brands need to balance creative marketing initiatives with the implementation of secure systems to protect both their business and their customers. Offering transparency about data protection policies and using secure payment gateways can build trust—a key factor in ensuring customers feel comfortable completing transactions.
Looking ahead, there are several trends that will shape the future of e-commerce. Beyond AI, trends like buy-now-pay-later (BNPL) options and open banking are expected to grow significantly. BNPL, in particular, is projected to account for 12% of global e-commerce by 2025, making it a must-have for merchants looking to capture younger consumers and increase conversions. Open banking, which allows for instant payments directly from a customer’s bank account, is gaining traction as a trusted alternative to traditional payment methods. These trends underscore the importance of staying agile and continuously optimising the payment and checkout experience to keep up with customer expectations and technological advancements.
And if you’d like some more tips on how to optimise payment processes, improve customer experiences and drive sales with innovative solutions in a highly competitive marketplace, drop us an email at [email protected] or visit https://street.agency/.