LUXURY RETAIL NEEDS LUXURY PAYMENTS Isavella Frangou-Pavlou - VP of Sales and Marketing at payabl. According to Statista, the luxury goods market currently accounts for 22% of online sales, with a value of 62bn EUR. As shoppers redefine the traditional shopping experience with more shoppers than ever checking out online and in-app, it’s never been more difficult to predict where your consumer is going to head to the checkout. For example, shoppers may initially see a product that they love in-store, then add that product to their online basket, abandon the cart and then revisit the purchase after seeing an ad on social media the next month. There’s no longer a one-size-fits-all approach to product purchasing. Different consumers purchase products in different ways and as such, have different expectations around the shopping experience– both in-store and online. To convert sales, luxury brands need to meet and surpass these expectations, particularly when it comes to payments. Seamless payments drive luxury purchases, particularly when it comes to overseas growth and younger shoppers. So, here’s how luxury brands can create a luxury payments ecosystem to amplify business models, unify the customer experience and drive sales. Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 51
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