Adapting to Next-Gen Consumer Expectations
Retailers must rethink their online sales operations to prioritize confidence and trust with the next generation of online consumers.
Thanks to eCommerce, shopping is easier than ever, but let’s face it, it’s not perfect. Customers are getting fed up with wrongfully declined transactions, data security worries, and not having their favorite payment methods available. Retailers who overlook these problems will continue to chip away at customer trust and lose business. Creating a trustworthy shopping experience is key for retailers to keep their sales up and customer ties strong.
Generational Perspectives: Building Trust with Gen Zs and Millennials
A recent study by Forter found that millennial and Gen Z shoppers are “placing more value in trust than any previous generation.”
- Millennials and Gen Z are up to four times more likely to experience false declines compared to Gen X and baby boomers
- They’re up to 10 times more susceptible to data breaches
Choose a payment gateway with local card acquiring and built-in fraud protection to protect against both false declines and fraud. False declines are higher for international transactions, so using a local acquiring partner can lead to higher acceptance and build trust with international customers.
Unlocking the Trust Premium
Consumers are increasingly willing to spend more with brands they trust. One report found survey respondents are willing to spend 46% more on average with retailers they trust – coined the “Trust Premium.”
What contributes to consumer trust:
- False Declines: Picture this—you’re all set to check out online, but once you make the final click, your valid purchase gets rejected—quite a letdown. False declines don’t just interrupt your shopping; they gradually chip away at a platform’s reliability.
- Data Security: This is your digital armor, protecting all that personal and financial info you share online. Knowing that data is protected lets customers shop with peace of mind and confidence.
- Diverse Payment Options: Have you ever been excited about a find but as you’re checking out the store doesn’t offer your preferred payment method? Having a range of secure payment methods provides flexibility and ensures customers follow through with purchases.
Incorporate all these elements to craft an online shopping experience that’s not just functional, but maximizes the trust premium.
Global Perspectives: Trust in Different Markets
Forter’s study also highlights key trust factors around the globe:
- The U.K.: Here, the focus is heavily on data security, a critical component of building consumer trust.
- The U.S.: eCommerce false declines are a significant challenge, with trust being a high-value commodity among consumers.
- Singapore: This market faces unique trust challenges, it’s all about smooth transactions that are also locked down tight security-wise.
- Germany: Germans are eyeing alternative ways to pay. They’re all for diversity in payment options, as long as they’re secure.
The Winning Formula for Building Trust Online
Rapyd has got your back when it comes to boosting trust and refining the shopping journey:
- Down with False Declines: with local card acquiring, Rapyd minimizes the occurrence of false declines, ensuring smooth and trustworthy transaction experiences
- Top-Notch Security: with cutting-edge security, Rapyd is a digital fortress that keeps your data and transactions safe, upping the trust factor.
- Payment Flexibility: one size rarely fits all, Rapyd offers a variety of payment options based on a variety of consumers’ preferences and locations, making shopping a breeze.
Cashing In on Consumer Trust
Securing tomorrow’s market begins with establishing trust in online retail today, especially when engaging Gen Z and Millennial shoppers. Building this trust requires retailers to navigate through challenges like false declines, stringent data security needs, and the demand for diverse payment options.
Having an online payment processing solution like Rapyd helps you tackle these challenges and sets the stage for a seamless, trustworthy online shopping experience that appeals to consumers and secures their loyalty.
