To keep up with demand, fast-moving consumer goods (FMCG) businesses must implement methods to streamline their business processes. Since their strength is in providing products that are accessible and affordable, optimising their operations allows them to operate more smoothly. These businesses must look into their payment processes to accomplish this.
With the rapid growth of financial technologies in recent years, customers’ preferred payment methods have shifted in the UK. In 2021, almost one-third (32 percent) of transactions were made with contactless payment methods. This significant shift in customer preferences means your FMCG business must have updated payment processes. Here are four ways you can streamline them to optimise your operations.
Implement digital payments
With the rise of alternative payment methods, you should cater to your customers’ preferences as they evolve. Implementing digital payments can help you avoid late payments that may cause insolvencies in your business. By allowing customers to choose their own preferred mode of transaction, you can improve convenience and thus encourage upfront payment. When considering modern payment solutions for small businesses, check if they accept all major credit card brands as well as payments made online or via mobile, phone, and email. Ideally, they should also offer card machines or integrated payment systems that automate transactions. With these solutions, your FMCG business can process transactions more efficiently and reduce the chances of late payments.
Make your checkout process smoother
Making the payment process easy and navigable on your e-commerce platforms helps lower the chances of cart abandonment. Research shows that one in four shoppers choose not to complete online transactions at the first sign of a slowdown. To reduce this friction, don’t force your customers to register on your website immediately. Instead, incorporate sign-ups at checkout. You can incentivise this by offering promos or benefits. Another thing you can do is to ensure that you don’t have pop-ups or ads that look like spam at the checkout, which may lower your customers’ trust in the transaction and in your brand. Lastly, redirect customers back to your homepage once their payment is complete. Since FMCGs offer products that quickly sell, this may encourage them to further peruse your offerings — this time with greater assurance and familiarity — and make another round of purchases in the future.
Automate account management
FMCG businesses handle numerous transactions daily, so it’s crucial to efficiently track the money you’re earning and spending. This not only allows you to make data-driven decisions based on your financial condition but also helps you reduce the likelihood of errors in your financial statements. Today’s accounting programs can also be integrated with payment processors, making it easy to track all payments made to your business. Others can even automate payment reminders to your consumers and send receipts and personalised thank-you messages once they’ve made their payments. These features can heighten FMCG customer satisfaction, encouraging them to become regulars at your business.
An efficient payment process can determine the outcome between cart abandonment and a complete transaction. For FMCG businesses that handle fast-paced transactions regularly, ensuring a good customer experience with your payment process is integral. As such, welcome feedback by sending out surveys via email or within the store. This can help you improve your systems in line with your customers’ most common concerns.
Your FMCG business offers valuable in-demand goods. To sustain long-term growth in the face of today’s customer demands, consider optimising and streamlining your payment processes.