How to embrace innovation and ensure customers want to keep spending online. A Retail Gazette report sponsored by PayPal.

How to address customer concerns in a crisis.

Success in challenging economic times can come with laser-focused attention on the customer and what they want from the shopping and online experience – because they are currently more discerning about their spending.

It is the job of retailers and brands to ensure they respond with the best possible, frictionless, most flexible offering to their users.

Embracing innovation in uncertain times.

Despite the difficult economy, there are plenty of examples of retailers embracing innovation to get ahead. Throughout the pandemic, retailers were quickly launching projects that usually would have taken many months to bring to market. By adopting a similarly innovation-focused mindset, retailers can navigate their way through more economic turmoil.

Avoiding payments pain points.

The way that people shop, purchase, and pay for things has changed dramatically – and quickly – in recent years. But payments can still be a pain point for customers: not knowing the final cost before reaching the checkout page and a preferred payment method not being accepted at checkout are two of the top five online retail frustrations. Retailers and brands need to know exactly how their audience wishes to transact and deliver the experience they expect.

Unlock opportunities in a challenging economic environment with this quickfire checklist.

1. Diversify revenue streams: consider online marketplaces, new partnerships and expanding into new categories.
2. Stay customer-focused: from inventory availability through to online user experience (UX) and payments choice and experience, know what customers want – and deliver it.
3. Don’t close the book on innovation: if anything, a crisis is a good time to try new things and invest in new technology.
4. Plan for what you can control: economic strife causes uncertainty, so make sure things that can be controlled – such as providing a range of payments platforms – are well planned out.
5. Retail is resilient: there has been more than a decade of rapid change and disruption in the industry. The key is not to stand still. Keep iterating and find the right partners to help support the ever-evolving journey.