The more technology opens up new ways for people to shop, the more shoppers’ expectations evolve. Businesses have recognized and embraced the potential of omnichannel, and they’ve been proven right given the growing success of offerings like buy now, pay later (BNPL)1 and buy online, pick up in store (BOPIS).2
But studies show that when it comes to digital features, shoppers just can’t get enough; they want even more than their preferred brands are currently offering.3
It’s certainly a good problem to have. However, as you open more touchpoints for your customers, it can be hard to keep everything running smoothly.
So, let’s look at how you could design a commerce strategy with payments and AI at its core. And we'll also unravel how it could help you deliver exceptional customer experiences while unlocking opportunities for improved customer engagement, innovation, and growth.
Step 1: Connecting everything, everywhere, all at once
Omnichannel expands the shopping experience like never before. It can help you reach customers in new places and new ways. But the growing number of payment and shopping experiences can potentially feel fragmented, for you as well as your customers.
Step 2: Your harbor in the storm
Service Orchestration’s aim is to help improve authorization rates and drive higher revenue while helping maximize your fraud strategy. AI and data can play an instrumental role in helping the payment authorization process be more robust. They do this by providing the right information and context so everything’s likely to go through more smoothly for customers.
Service Orchestration broadly works like this:
- Data enrichment enhances authorization requests by adding, updating, or deleting information.
- Dynamic retry improves payment approval rates by automatically retrying following a decline.
- Smart routing routes transactions to the processors most likely to approve them.
- Filtering prevents avoidable declines.
- Payment insights provide deeper transaction insights and transparency for further analysis and optimization.
This can also help boost your fraud management strategy—thanks to fewer false declines and improved pre- and post-payment authorization checks.
So, with happy customers, a bolstered fraud strategy, and increased revenue, your business can grow in confidence, and start to further explore the possibilities of unified commerce, including building loyalty and adopting innovations. More on Service Orchestration on our blog.
How AI lives in the real world
When South American department store chain Falabella decided to embrace the idea of fast fashion, they took a slightly different approach. They implemented a BOPIS strategy with an impressive customer promise—a 90-minute collection window.
But it was harder than expected to deliver on this promise, especially during busy sales events when manual review of orders for potential fraud quickly became unmanageable. So Falabella activated Decision Manager, our AI-powered fraud management solution, to automate things. This significantly lowered the number of manual reviews, and with fashionistas able to get their hands on the latest trends faster, customer satisfaction also improved.5
Are you ready to reap the rewards?
It's easy to underestimate the impact these solutions can have on your business. Just as it was for Falabella, when the right ones are implemented, the rewards can be great.