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Optimizing Payments for Omni-Channel Commerce 5 Best Practices

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Optimizing Payments for Omni-Channel Commerce 5 Best Practices Optimizing payments for omni-channel commerce 5 best practices 1 www.adyen.com Foreword Adyen, the payments technology leader, commissioned Edgar, Dunn & Company (EDC), an independent global financial services and payments consultancy, to undertake this white paper. The white paper would not have been possible without valuable input from key merchants that shared insights into their advanced omni-channel payments strategies. Adyen and EDC would like to thank Dave Redmond of Inditex, Virginie Melaine-Christensen of Burberry, Derk Busser of de Bijenkorf, Martijn Cornelissen of Rituals, Frans Jonker of ticketscript, and Jan van der Holst, for contributing their time and knowledge to this research. 2 Contents Executive Summary 4 Introduction Omni–channel from buzzword to reality 6 Section 1 What are the main use cases that merchants are focusing on, and their benefits? 8 Use case 1 Endless aisle 9 Use case 2 Click and collect (buy online, pick up in-store) 10 Use case 3 “One–click” in an omni–channel environment 12 Use case 4 Omni–channel returns 14 Use case 5 Future use cases 16 Section 2 What are the best practices to ensure that payments can support these omni-channel use cases? 18 Best practice 1 Make the payment step as frictionless as possible 19 Best practice 2 Three Ts: Test, Train, and Top champions 21 Best practice 3 Centralize payments management 22 Best practice 4 Leverage authorization capture delay 23 Best practice 5 Adjust fraud prevention approaches 24 Adyen: Payments as a key driver of omni-channel commerce 26 Appendix What are the three main drivers of change in favor of omni-channel? 30 Driver 1 Changes in consumer expectations and behavior 30 Driver 2 New technologies 31 Driver 3 Regulatory changes and emerging standards 33 Conclusion and next steps 34 3 Executive Summary Location, location, location. This has been the mantra in both real estate and retail for decades. The origin of this famous mantra was apparently a 1926 real estate classified ad in the Chicago Tribune: “Attention salesmen, sales managers: location, location, location, close to Rogers Park1.” However, times are changing. The emergence of “omni-channel” is driving major restructuring within the retail Section 1 overview - use cases sector as merchants seek to serve the omni-channel shopper, who is keen to Use case High–level description Benefits for merchants buy whenever, wherever and however they want. This white paper undertaken 1. Endless aisle Consumers can make Helps address OOS issues by Edgar, Dunn & Company (EDC) an online purchase that result in 4% loss in demonstrates that “omni-channel” is no while in-store for out-of- category sales. Adyen’s longer just a buzzword, and provides stock (OOS) items via a merchants grew sales by examples of implementations. consumer-facing tablet (or approximately +2%. in-store kiosk) with a card- The new guiding principle for retail accepting mPOS. may no longer be the 1926 classified ad’s mantra, but instead: experience, 2. Click and collect Consumers can request to 32% of consumers (UK) experience, experience; with “payments” (Buy online, pick up their online shopping purchased an additional as a key enabler for delivering this omni- pick up in-store) cart at a physical store item while in store, with an channel customer experience. (sometimes same day). average extra spend of £18. 3. Omni–channel Consumers can store An Adyen merchant This white paper does not discuss one–click their card details during generated up to 55% omni-channel in a generic or theoretical an e-commerce or face- (ticketing operator) manner, but takes a much more to-face purchase, and incremental sales thanks pragmatic approach involving specific can pay via one-click to one-click. real-life examples (based on interviews or zero-click for future with merchants) and tangible data m-commerce. about their impact. It is divided into three sections: 4. Omni–channel Consumers can return Lower level of return fraud returns their online purchase via (a $17.6bn per annum Section 1: Examples of omni-channel any physical store and issue in the US alone), plus initiatives and their actual impacts receive a refund on their an opportunity to cross– card. sell. Section 2: Payments-related best practices for omni-channel merchants 5. Future use Deployment of mobile Typically merchants cases wallets like Apple Pay; expect a higher Appendix: Insights into what drives the social media payments; conversion rate (especially emergence of omni-channel mPOS; suspended basket; among m–commerce online view of stock transactions). availability; faster delivery time; Internet of Things. 4 1 Source: http://www.nytimes.com/2009/06/28/magazine/28FOB-onlanguage-t.html Section 2 overview - best practices Appendix - drivers of omni-channel Best practices Key takeaways for merchants Driver 1: Changes in consumer 1. Make the payment step a. Enable payment data storage for a seamless expectations and behavior as frictionless as possible omni-channel customer experience Mobile devices (especially b. Ensure the right payment acceptance policy smartphones) are changing the for each channel consumer’s daily life, how they shop, c. Deploy innovative in-store technologies to and how they make their purchase address real pain points decision. 2. Three Ts - Test, Train, a. Test in the physical environment For instance, over 25% of consumers in and Top champions (“test and fail fast”) Australia or the US changed their mind b. Train (especially sales assistants) about an in-store purchase following c. Identify top champions in physical stores research on their smartphone. Also over 40% already make purchases on 3. Centralize payments Consolidate payments partners across channels their smartphone. management and countries, and centralize internal back-office activities such as reporting and reconciliation. Driver 2: New technologies A long list of new technologies 4. Leverage authorization Authorization capture delay at the point-of- are impacting and enabling new capture delay sale allows merchants to receive a payment omni-channel use cases including authorization, but only capture it when the order mPOS, in-store kiosks, near field is shipped, or cancel it in case the goods cannot communication (NFC), new mobile- be shipped. based wallets such as Apple Pay that 5. Adjust fraud prevention Merchants should adjust: leverage tokenization, and beacons. approaches a. Fraud policy such as relevant velocity rules b. Fraud tools such as dynamic use of 3D Secure Driver 3: Regulatory changes and c. Internal organizational structure and emerging standards fraud processes There are a large number of regulatory d. Fraud KPIs changes that typically favor merchants, including emerging international standards (such as nexo) that will enable greater agility (thereby supporting the move towards omni- channel), the MIF regulation and PSD2 in Europe, and the increasing adoption of EMV globally. 5 Introduction Omni–channel From buzzword to reality Why is omni-channel such a big deal? As the retail business has evolved, merchants have typically set up each sales channel (e.g. telephone, online) separately. This means that the current situation for a merchant typically involves: “As it evolves, digital retailing is quickly • Customer service organized around each specific channel; no single view of the morphing into something so different customer’s interactions with the different channels has been created or held that it requires a new name: omni– centrally and made available across the whole business regardless of the function. channel retailing. The name reflects • An organizational structure focused on each channel: for instance, a marketing the fact that merchants will be able team focused exclusively on the e-commerce channel, and another marketing to interact with customers through team focused on in-store sales. countless channels—websites, physical • An IT infrastructure and contracts with external partners dedicated to each stores, kiosks, direct mail and catalogs, channel; for instance, arrangements with payment service provider (PSPs) and call centers, social media, mobile devices, acquirers focused exclusively on online payments, and another set of payment gaming consoles, televisions, networked partners for in-store payments. appliances, home services, and more • Business processes and rules centered on each channel: for example, there is (…) an entirely new perspective—one typically an e-commerce stock that is segregated from the stores’ own stock, and that allows them to integrate disparate online sales orders can only be fulfilled from the e-commerce stock. This can channels into a single seamless omni– generate unnecessary delays in fulfilling online orders and clumsy processes for channel experience (…)”.2 consumers to return purchases. 6 2 Source: Harvard Business Review, December 2011, “The future of shopping” by Darrell Rigby Burberry’s in–store iPads Omni-channel as a key growth driver for merchants Burberry is a luxury goods retailer with a very impressive growth record in recent years. Its retail sales increased by • Merchants addressing new initiatives as isolated “projects” 15% in full year 20143. Burberry explained this growth to its which rarely adopt any joined-up thinking across the investors by citing three key drivers, including one related to entire business. This can result in a disjointed customer omni-channel: experience, especially when the customer wishes to deal with the merchant across different channels for the same “Reflecting changing consumer behavior, Burberry continued to transaction. blur the lines between the physical and digital (or offline and online) to enable customers to interact with the brand however So why is it bad to have stand-alone sales channels? First, it is they choose. For example, orders taken on iPads in-store bad for consumers because it does not support the vision of a accounted for over 25% of total digital sales - up from around “single seamless shopping experience”. For consumers, buying 15% last year.” across stand-alone channels is like buying from different merchants.
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