The discussion turned to payment data and the payment options that can generate additional sales. Fashion retailing is an industry that drives a variety of payment methods, said Kremser, and the more successful players have customers who return a number of times, but only when the payment process is not overly complicated.
In France, which traditionally had no deferred payment methods, Zalando trialled its ‘try first, pay later’ option in 2016, after research found that customers disliked having to return items. Try first, pay later allows customers to fill their online shopping basket with as many items as they wish, without having to pay for them upfront. Instead, they have up to 14 days to decide and can then send back any items they do not wish to retain and delete their cost from the payment due. Kremser said the initiative had proved equally popular when rolled out from France to other countries, such as Denmark.
Matthiessen agreed that the right payment method can generate additional sales for retailers and other corporates. Finance and treasury can significantly contribute tosales growth, as the role evolves into a more strategic one that addresses the challenges of a global offering of goods and services, including payments in various currencies and cross-border flows, an automated end-to-end treasury workflow and the full leverage of FX solutions translating into business growth.
Many clients were only just starting out on their e-commerce route, a task that often involved a good deal of complexity. What is needed is a payments gateway – or a middle layer – to promote different settlement solutions, which a bank can help with by acting as a strategic partner. Get this feature right and it was possible to add significant value to the business.
The second of the two online audience polls followed, with the question, options and responses as follows:
What is the main objective of your company’s payment-related processes?