The Anatomy of a Global Shopping Experience: Personalization and the Power of Choice
As the holiday season approaches, a multitude of factors converge to shape the success and challenges faced by merchants worldwide. Beyond the obvious seasonal surges and the ever-present threat of fraudsters, online merchants must consider the complexities of international markets and the equally important need to cater to a global consumer base with diverse payment preferences.
"Consumers want to use their favorite payment method," Gatto said. "If you, as a merchant, don’t have it, your chances of closing the sale drop dramatically." Gatto provides a personal anecdote, highlighting the importance of Apple Pay.
"At the end of the day, the consumer wants choice," he added. Paysafe research demonstrates that as many as 40% of consumers might abandon a purchase if their preferred payment method isn’t available.
Balancing this desire for personalization with fraud prevention presents a significant challenge for online retailers.
“You have to be on top of being able to deliver the right experience while making sure that you protect yourself," Gatto emphasizes. This intricate balancing act is often a driving force behind merchants exploring the power of digital wallets.
Digital wallets are increasingly becoming the favored solution – not just for local, but also for sowing the seeds of embedded finance solutions globally.
"We’re seeing embedded finance everywhere, and it’s starting to show up more often in the wallet," said Gatto.
Modern consumers are complex and require a deeper level of understanding, increasingly demanding personalized experiences tailored to their specific needs. "It’s important that what consumers are shown while they’re shopping is appropriate for who they are and where they are,” Gatto explained. He cautions firms about improperly executed personalization strategies, "Merchants who attempt personalization and don’t get it right might find that their efforts backfire, rather than building greater customer loyalty,” he cautioned.
This insightful observation underscores the need to adapt to regional differences. For example, a consumer in Brazil will likely identify with a dislocations,” adding. In consumer loyalty,” he Adds.
The holidays might be a time of giving, but for retailers navigating a global marketplace, every interaction
is a transaction taken to understand the complexities of the spending patterns based on location. “The consumer in Brazil must understand Pix, or bank transfers," Gatto explains, highlighting Brazil’s preference for local payment options. In the U.S., credit cards remain dominant, while cash persists as a significant option in regions with larger unbanked or underbanked populations.
By offering this diverse range of payment options, e-commerce platforms "unlock" global markets and personalize the buying journey Despite the complexities, ultimately the goal is simple: dressing operating across borders.
"The more personalized you can make your message, the more loyalty, and more sales, you’ll drive from that consumer,” Gatto concludes, echoing the key to success:
Understanding the Individual Behind the Transaction:
