Consumers have more choice than ever. Today, the challenge for businesses is to continue to build customer loyalty in the face of new competitors. Gabrielle Litwin, Head of Amazon Pay, talks about the latest innovations in online payments and what's next for Amazon Pay.
What are some of the big stories, new trends, and exciting innovations you’re seeing in the market?
With interest rates rising and prices increasing, consumers are becoming more careful about where and how they make their purchases. They are looking for more security and flexibility, and tend to favour companies that offer more payment features. As new competitors enter the market, businesses need to find ways to innovate in order to remain competitive.
This is why a number of players have developed and launched features that allow buyers to pay within a more suitable timeframe, and companies to retain more buyers, thanks to deferred payments or even split payments.
What are the characteristics of your solution and who is it for?
Amazon Pay is a payment solution both for merchants who are looking to scale their business, as well as for shoppers looking for more flexibility. Amazon Pay allows businesses to offer a secure, easy and fast way to pay and to grow and retain their customer base.
Today, we see e-commerce sites with shopping cart abandonment rates of up to 70%. We know that if companies improve their payment system design even slightly, this can increase their e-commerce conversion rate by up to 35%[1]. Amazon Pay provides solutions to grow and retain customers for businesses of all sizes. We have a proven product and partnerships with industry experts to provide solutions that best meet the challenges of the marketplace. Through our partnership with Cofidis, for example, consumers using Amazon Pay have the option to pay in four installments over 90 days (4x Carte Bancaire) or over a longer period (Option Crédit), giving them more flexibility.
Working with our ecosystem of customers and partners, we will continue to help build the future of the payments industry.
This year, what will the Paris Retail Week event represent for your business?
Paris Retail Week is an opportunity to get closer to our partners and customers and to discuss the latest innovations in the industry.
We will be presenting our latest innovations: Checkout v2, our partnership with Cofidis, as well as the latest data from the Baymard Report. Come and see us at stand F061 to find out more about our solution.
[1] In 2022, Amazon Pay commissioned the Baymard Institute to provide actionable recommendations to help businesses optimize their checkout flow. Backed by more than 88,000 hours of research, 13 years’ worth of tests and 14 453 participants
More information
Can’t wait until September 20 to learn more about Amazon Pay? To find out more about our innovations, visit https://pay.amazon.co.uk/secure-checkout
