Don’t forget Payments in Your 2023 Customer Service Strategy
There is nothing better than business who has its customer service strategy all planned out =, covering everything important from personalization to payments. As Brad Cleveland once said, “there’s no technology that can be ‘The Answer’ to a better customer experience in the absence of effective strategy and planning “and a company with an all-rounder strategy can go miles. It’s not hidden that good customer service boosts retention, reduces customer acquisition costs, and provides a powerful ally to your marketing strategy.
A customer service strategy should include everything including payments. Payments are an integral part of any customer experience and if customers can’t easily use their preferred payment option, hassle-free, they might very well give up on the purchase. In fact, according to recent study found that 44% of customers will simply abandon a cart at checkout if they find the payment experience poor. That rises to more than half (51%) among millennials. So, in your customer service strategy of 2022 don’t forget the payment section and work well on them.
Here are various things you can do to improve the payment experience of your customers!
1. Lessen the friction throughout the payment process to ensure a seamless experience.
We know it sounds obvious but any friction throughout the payment procedure can induce anxiety in customer and lead to them backing out of them purchase. Zendesk research shows that, after more than one bad experience, around 76% of consumers say they would rather do business with a competitor and this include payment problems. If the bank, you, or the payment processor you partner with, has an outdated tech stack, this can impact the payment experience in several ways. So, always make sure that you have updated tech stack to avoid any mistakes from your side. In fact, Accenture says 50% of Gen Z-ers and Millennials are willing to share their online bank account details with third-party service providers. So, be a brand that they can trust with their payments.
2. Improvement in management of customer’s identity.
Customers may not want to be asked to verify their identity multiple times in one purchase process. This alone may irritate a customer, but if they have already met with other frustrations earlier on in the process. According to HubSpot refresh, 33% of customers are most frustrated by having to repeat themselves to multiple support reps. Identity management is another aspect of the payments process that can cause friction in the purchase process which is why your business should find a way to make the digital verification process clear, so that your customers don’t get confused or frustrated along the way. Inform your customers about the different steps along the process and help them understand why they’re there by being transparent up front. In fact, Zendesk says, 54% of consumers say they expect a company to share information so they don’t have to repeat themselves.
3. Rationalize cross-border payments.
Customers are more willing than ever to shop with unfamiliar retailers in search of a great deal or novel product, however, this willingness is not unlimited which is why optimising the payment process is a big part of making sure it doesn’t go wrong. In fact, according to fisglobal, worldwide, retailers that ship internationally saw an increase of 21% in global, cross-border sales. Everything should be made to the customers early on in their journey, to help avoid that frustrating abandoned cart. Cross border payments are important for business, therefore it’s important to make sure that your payment methods are reliable for international customers as well. Market finder predicts that, between now and 2027, cross-border e-commerce is to continue growing at a rate of 27% a year. Thus. Regulate these payments and maintain a better customer experience.
Shep Hyken said, “A consistent and predictable experience creates customer confidence, which can lead to loyalty.” A consistent experience is loved by customers, this includes a consistent payment process. It’s easy to provide reassurance, when more is needed but it pays to have customer service ready to support at the payment processing pages. In fact, brain and company research shows that increasing customer retention rates by just 5% can increase profits by between 25% and 95%. The key is Simplicity and transparency and with the right technologies to simplify the process, you can improve your chances to take a customer from ‘Shopping Cart’ to ‘Purchase Delivered.’