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1. Embrace multiple payment methods.

In the digital-first era, businesses are beginning to see the expanding role payments play in driving conversions, acceptance rates and lifetime customer value. As merchants expand globally, they will need to support an increasing number of apps, channels, devices and payment methods to meet customers who shop digitally across borders.

Cross-border payments grew in 2022. In addition to cross-border growth, the use of digital wallets and payment methods, such as Apple Pay, Google Pay and Amazon Pay, has been increasing at a faster rate than traditional credit cards and gift cards, according to the third edition of Saleforce’s State of Commerce report. “This trend is reflected by the share of commerce organizations accepting the most dominant player in digital wallets—Apple Pay—which ticked up by 10 percentage points since 2022,” the report said. J.D. Power also reported growth in U.S. digital wallets, particularly in online and mobile channels.

Merchants can capitalize on this trend by displaying digital wallet icons on point-of-sale screens and checkout pages to encourage customers to use their favorite payment methods. I also recommend incorporating local currencies and payment methods when expanding into new regions. Open banking, for example, is popular in Europe, where pay-by-bank has become a default payment method for many consumers.

2. Display trust signals on websites.

McKinsey’s research has highlighted the importance of trust and reassuring customers that businesses respect their communications, privacy and data. E-commerce websites can do this through things like SSL and authentication icons, security badges, positive customer reviews and transparent policy disclosures.

Based on a 2022 survey of 1,333 senior executives in 20 countries, the McKinsey article described digital trust as a pillar of the customer experience, and 85% of survey respondents said knowing a company’s privacy policies was a key factor in their purchasing decisions. “When it comes to how organizations are performing on digital trust, consumers express a surprisingly high degree of confidence in AI-powered products and services compared with products that rely mostly on humans,” the article also said.

Verifying and authenticating e-commerce customers is also a way to build trust, decrease churn and protect against threats. Multifactor and strong customer authentication methods can make customers feel safer when transacting digitally in apps and websites, as well as help businesses separate legitimate customers from synthetic identities and fraudsters.

3. Protect customers from fraud.

Fraud-fighting tools and chargeback alerts can help merchants monitor, detect and remediate fraudulent activities.

Ethoca’s 2024 Outlook Report estimated that global card-not-present fraud losses could exceed $28 billion by 2026. The report recommended implementing chargeback alerts to respond to inquiries before they become chargebacks. Verifi’s 2024 Global Fraud and Payments Outlook identified refund/discount abuse and first-party misuse as the “most common forms of fraud.” (Registration required for both reports.)

These post-purchase threats occur when customers or fraudsters attempt to obtain free goods or services online. “Thwarting these forms of fraud requires merchants to apply multiple tools and tactics pre- and post-purchase,” according to the Verifi report.

Examples of fraud-fighting tools include virtual agents that respond to customer inquiries in real time and in their own native languages. These always-on, always-available digital assistants can furnish precise transaction data on demand to discourage fraudsters from initiating chargebacks and help legitimate customers recognize unfamiliar transactions to prevent first-party misuse. In addition, merchants can consider using artificial intelligence-powered fraud-fighting tools to continuously monitor transactions and notify merchants of anomalies and suspicious behaviors.

4. Optimize the checkout experience.

Salesforce research pointed out that e-commerce can take place beyond a website or mobile app. “The bulk of organizations now incorporate transaction functionality into the flow of business across sales, service, and marketing touchpoints,” researchers wrote.

Making e-commerce checkout available on multiple channels can increase conversion by making payments available anywhere on any device. This capability can transform any touchpoint into a decision point. For example, 51% of global companies surveyed accept payments on social media; 48% in marketing emails; and 53% give service agents order-on-behalf-of capabilities, according to Salesforce.

While I agree that it’s important to make checkouts easy, simple and frictionless, I also encourage business owners to think holistically about the entire customer journey. Ideally, using advanced authentication techniques to identify customers at the beginning of the shopping journey will set the stage for a secure and personalized experience. Personalized offers that occasionally appear that invite shoppers to accessorize recently viewed items can also enrich the customer experience.

In short, by welcoming new customers and recognizing and rewarding returning customers, merchants can make every touchpoint of the customer journey matter.

Previously featured on Forbes Business Council 

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