2024商人之声研究

© Oliver WymanMERCHANTS MANAGE PAYMENTS ACROSS 3 CORE LEVERSWe use this merchant payments framework to structure our reportPayments as a loyalty tool•How can payments help build loyaltyand protect our customer relationships?•How can payments enhance customerexperience and our brand?•How will personalization increase loyalty asa lever for increased customer satisfactionand retention?Use payments to increase revenue•How can we develop a comprehensivestrategy to grow payments as a business?•How should we strengthen our proprietaryforms of payment (for example, co-brand)?•Which alternative forms of payment shouldwe accept to increase sales?•How can we enhance conversion?•What payments technologies will strengtheneach lever and help differentiate us amongkey competitors? Manage total cost of payments•How can we reduce our cost of acceptance?•How should we optimize vendor relationships(for example, rationalize gateways)?•How can we enhance fraud managementgiven the growing digital channel? © Oliver WymanWE SURVEYED 50+ MERCHANTS TO UNDERSTAND KEY TRENDS IN CONSUMER PAYMENTSAND IMPLICATIONS FOR THEIR BUSINESSContextDemographics of merchant survey respondents24%28%9%17%7%15%More than $30 billion$10-30 billion$5-10 billion$3-5 billion$1-3 billionLess than $1 billion13%11%11%9%9%9%9%7%6%15%Specialty RetailGas/C-storeDigital GoodsTravelQSRGrocery/PharmacyBig Box RetailApparel/JeweleryTelcoOtherPayments as a revenue driverPayments as a loyalty toolCost of paymentsFocus areas(>50% have card volume >$10 billion acrossseveral key focus areas)Annual card processing volumeIndustry/Vertical of survey respondentsSource: OW — MAG Voice of the Merchant Survey 2024; Note: totals may not sum to 100% due to rounding50+Payments leaders surveyed at large merchants © Oliver WymanSURVEYED TOPICSUsing payments asa revenue driverLeveraging paymentsas a loyalty toolManaging the totalcost of payments123 © Oliver Wyman2024 study2023 study2022 studyTHE MERCHANT PAYMENTS ECOSYSTEM IS TRANSFORMING, WITH A VIEW ON INCREASEDSTABILITY AND FOCUS ON GROWTHMerchants were focused on refiningCOVID-era changes that wereimplemented quickly•COVID changed retail payments•Cost management was a priority•APMs were coming into focus•Payments teams were takingon more•Partner relationshipswere diversifyingMerchants were sifting throughthe complexity from the rapidtransformation during COVID•Consumer expectations hadbeen reset•Payments strategy came into focus•Payments tech was a key challenge•Specialist providers gained traction•Regulatory changes were inthe limelightMerchants are now looking to drivesustained growth with payments asa key lever•Payments strategy is tied torevenue growth•International payments strategiesare scaling•APMs are gaining prominence•Greater linkages between paymentsand loyalty•Acquiring set ups areevolving rapidly 7 © Oliver WymanManage total cost of payments•56% of merchants ranked cost of paymentsas the top challenge faced; merchants spendabout ~70% of their time on cost topics•Merchants’ payments team sizes have remainedstable as emphasis on cost optimization persists•Regulatory developments surroundinginterchange fees and other legal challengesmay positively impact merchant costs butmay increase complexityUse payments to increase revenue•Merchants spend about a third of their timeon strategic topics, of which defining acomprehensive payments strategy takesthe most time•Nearly 80% of merchants are open to reviewingtheir acquiring partnerships, of which ~60% arelooking to add new acquirers; driving increased“value” is a key reason for expandingpartnerships•Merchants are increasingly accepting APMs,with near-ubiquitous acceptance for Apple Pay/Google Pay wallets (90%) expected by 2025•Over 50% of merchants are focused on enablinginternational payments, typically throughlocal acquiringPayments as a loyalty tool•Payments and loyalty programs will becomeincreasingly interconnected, with only 10% ofmerchants expected to keep them separatein the future, down from 27% today•Today, loyalty programs over index onproprietary payment methods; that will changein the future, as inclusion of general-purposepayment methods like debit cards and ACH isprojected to increase by ~20%•~70% of merchants are expected to adoptpersonalized loyalty in the future, enablingthem to differentiate by offering a moreseamless payments and checkout experienceTHIS YEAR’S SURVEY GENERATED DIFFERENTIATED INSIGHTS ACROSS EACH COMPONENTOF THE MERCHANT PAYMENTS FRAMEWORK © Oliver WymanRevenue-related merchant trendsADeveloping a paymentsstrategy for revenue growth•Merchants spend about a third of their time on strategic topics, of which defininga comprehensive payments strategy takes the most time•Similarly, merchants cite updating their payments strategy as one of their top challenges —noted by 31% of merchants•Nearly 80% of merchants are open to reviewing their acquiring partnerships, of which~60% seeking to add new acquirers and only 8% aiming to consolidate the