DIGITAL PAYMENTS can buy merchandise , but it is all sales final . By bringing more consumer intelligence to eCommerce , businesses can reduce loss to return abuse while maintaining differentiated policies for their best customers ."
Enhancing transaction approval rates The need for increased security is pushing retailers to adopt new authentication tools and processes , such as reducing reliance on passwords . This change allows them to enhance their transaction approval rates while also reducing fraud levels in real-time . Fintechs can help retailers achieve it by using smart devices such as wearable gadgets or mobile phones that store biometric data to help authenticate individuals .
" A key additional challenge rooted in the increasingly cross-border nature of transactions is approval rates - something extremely important to any retailer on the planet . Approval rates tend to decline dramatically when payments are not processed locally , and that leads to cart abandonment , lower sales and ultimately lower customer satisfaction ," explained Mario Shiliashki , CEO of PayU . " Merchants , therefore , need to adopt methods to tackle these challenges , including payment methods that cater to local and global customer bases , single API connection and approval rate optimisation features ." data-driven personalisation could become even more common .
" Fintechs and banks have the tools and data sources to analyse small business owners ' activity and help them manage their business more effectively , starting from the basics of day to day to recovering from issues ," said Dorel Blitz , VP of Strategy and Business Development at Personetics . " Business owners have a lot on their mind and tend to think about their business operations in terms of workflows : order-tocash , procure-to-pay , record and report . If fintechs and banks can think on behalf of businesses in this way , it will benefit both parties ."
The bottom line The retail space is undergoing significant changes driven by shifting consumer expectations and demand for improved ease of use . The advent of fintech has provided retailers with innovative solutions that have helped them to improve their bottom line while also making the shopping experience better for consumers .
" Processes that used to take days , weeks , or even months , such as seeking a credit report or conducting an international money
Seeing the bigger picture Retailers can use the insights from transaction data to see how their businesses are growing and provide a more personalised shopping experience . A company might utilise customer purchase history to offer tailored discounts on their next visit and boost sales . As the fintech world moves towards realtime insights and analytics , this type of
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