2022-09-07-奥纬咨询-2022_Voice_Of_The_Merchant_Study_46页_841kb

2022 Merchant Payments Study Summary: Adapting to COVID and Future Trends

Executive Overview

The 2022 Oliver Wyman and Merchant Advisory Group study, "Voice of the Merchant," examines how leading merchants are transforming their payments ecosystems in response to COVID-19 and evolving consumer expectations. Since the pandemic accelerated digital adoption, merchants prioritize cost control while increasingly viewing payments as a strategic tool for growth, customer experience, and revenue generation.

COVID Impact and Adaptation

• Key Changes: COVID dramatically shifted consumer behavior to online shopping, curbside pickup (BOPIS), and delivery services. Merchants responded by rapidly adapting with digital payment solutions, such as expanding card acceptance and exploring alternative methods like EBT/SNAP online.
• Persistence of Shifts: Despite easing restrictions, these changes are likely to remain permanent. Merchants expect COVID-era behaviors, like increased reliance on eCommerce, to persist into the future, driving efforts to future-proof capabilities.

Priorities: Cost Control and Beyond

• Cost Management: Despite increasing complexity, managing total payment costs (e.g., via smart routing, multiple acquirers, and FOP mix optimization) remains the top priority for most merchants. However, further cost reduction is an ongoing pursuit due to changing consumer behaviors and network rules.
• Strategic Shifts: User experience (UX) is gaining importance, particularly for sectors like clothing and telco/streaming services. Alternative payment methods (APMs) such as NFC wallets, BNPL, and QR codes are being strategically adopted to enhance engagement, but real-time payments and cryptocurrencies face mixed prioritization.

Expansion of Payments Teams and Partnerships

• Team Growth: Payments teams have expanded in size and scope, evolving from cost-focused roles to handle increased responsibilities like fraud management, revenue generation, and financial services (e.g., proprietary cards). Nearly half of surveyed merchants have multi-acquirer setups for flexibility and cost arbitrage.
• Partner Ecosystem: Partnerships with acquirers and third parties are crucial for navigating complexities, though merchants face challenges like reconciliation issues and customer loyalty siphoning. Most plan to strengthen "best-of-breed" partnerships while balancing complexity through consolidation efforts.

Future Outlook

• Opportunities and Challenges: Payments will grow more complex with new APMs, direct revenue streams, and data security demands. Well-prepared merchants will leverage partnerships and internal capabilities to capitalize on trends like BNPL and real-time transactions, while addressing ongoing cost pressures.
• Strategic Framework: Success requires balancing total cost of payments, revenue enhancement through user experience and loyalty tools, and strategic partnerships. Merchants must proactively develop integrated strategies across customer engagement, operational efficiency, and financial innovation.

Key Recommendations

• Focus on both short-term cost optimization and long-term strategic goals.
• Expand partnerships with specialists for expertise in emerging areas like fraud prevention and APMs.
• Prioritize user experience and gather consumer data to drive loyalty and sales uplift.
• Monitor industry trends and regulatory changes to adapt continuously.

This summary highlights the ongoing evolution of merchant payments strategies amidst digital transformation, emphasizing resilience and innovation.