Insights about the way Australians like to pay can help businesses make small adjustments that could lead to great opportunities in building customer loyalty and ultimately boosting the bottom line, according to payments leader Worldpay.
Worldpay's new Payments Performance Report delivers more actionable insights based on a comprehensive survey of approximately 25,000 consumers, industry expertise and data to help businesses shape their optimisation strategies in response to the latest payment trends and ever-evolving customer expectations.
Worldpay's Australia and New Zealand Commercial Vice- President, Paul Koopmans emphasised that understanding customer preferences, along with noticeable shifts in behaviours, is crucial for guiding investment decisions in payment technologies.
Today's Australian consumer approach payments with greater caution compared to many of their global counterparts, particularly when shopping online. However, the expectation for a safer and more convenient payments experience is still high.
"Payment optimisation isn't just a nice-to-have anymore, it's becoming key for customer retention," Mr Koopmans said. "Our data shows that 93% of Australian consumers consider the payment process an important part of their overall experience. Even more striking, almost one in five Australian consumers would abandon their payments journey if they can't pay using their preferred payment method which may result in lost sales"
This presents both a challenge and an opportunity for fintech merchants. To maximize this opportunity, you need to build trust and loyalty. This doesn't necessarily mean rethinking your whole ecosystem. Subtle adjustments such as adding in recognisable logos or features in your checkout environment can lead to greater opportunities as highlighted by 77% of Australians consumers.
As customer preferences rapidly change with digital technologies, flexibility is key to future-proofing payment systems. That's why it's important to choose a payment provider who knows your consumers and can help integrate emerging payment methods seamlessly."
Worldpay provides payments solutions to more than a million merchants globally in 146 countries, 135 currencies, and using more than 60 unique payment methods.
Personalisation is a key trend seen globally as consumers expect services to be tailored and match their needs. With preferences becoming increasingly diverse, being consistent across different channels of engagement is essential for improving the customer experience. Pairing this with being transparent about any hidden fees and offering the right payment method could improve your overall business growth.
Mr Koopmans said robust fraud protection provided peace of mind for Australian consumers and helped boost payment authorisation rates, reduce chargebacks and stop false declines for businesses. Given 22% of Australians have disputed transaction in the past year, improving dispute resolution processes could also significantly reduce chargebacks and costs.
By incorporating industry-specific risk factors into fraud management systems, you can also enhance the accuracy of identifying and mitigating potential fraud, allowing for more precise risk assessment.
The payments landscape in Australia is continuously evolving. To keep on the pulse of the latest trends, businesses need a payments partner who can offer robust payment solutions that can help lower business costs, increase approval rates, maximize revenue opportunities and enhance the user experience. As a truly global player, Worldpay has decades of experience in the payments world across multiple specialised industry. Our solutions and experts can help you take, make and manage payments easily.
