Three keys to minimize the effect of inflation on your business

PayXpert

PayXpert
Published 07/03/2023 · 2 min read

How to achieve a good ROI despite inflation

Inflation is a threat to your customers as well as to your business. It is time to understand this phenomenon and develop a plan to combat it, with the necessary tools to achieve a good balance between investment and profit. A strategy tailored to the specific needs of your business to bring out its full potential.

What is inflation, why does it occur, and what is it related to?

Inflation is the rise in prices, related to unusual shortages in their production, increased demand, or problems in their distribution. Inevitably, it leads to a reduction of the purchasing power of the majority of the population, which in turn leads to lower business conversion.

There are ways to keep profits high, even when conversion falls: thanks to strategic tools for optimal management of your finances. In other words: making the best possible use of your company's resources, offering the best to your customers and, ultimately, losing less to gain more.

3 simple tips to keep the numbers up when sales are down

Fraud control

In the midst of the unstoppable rise of online commerce, new dangers are appearing for businesses. One of the most notorious, because of the potential losses it can cause (and already does), is online fraud. To stop it, we have developed a smart tool: a flexible, scalable and intelligent fraud prevention module. It recognises your real shoppers and identifies and stops suspicious movements. It uses a data-driven approach to block fraudsters with a unique risk management engine while optimising conversion. Give it a try and find out how to earn more through risk control.

Reduce shopping cart abandonment

Another of the primary sources of losses in digital commerce is abandoned carts in web shops. Large companies, titans of eCommerce, have already implemented solutions to minimise the impact of this phenomenon; one of the most successful is unified commerce.

Unified commerce is the result of interconnecting the different sources of sales under a single system for controlling sales, stock and data management in general. How to do all this? Thanks to a fintech technology solution such as PayXpert: with our multichannel payments, your customers will be able to complete the purchase process through the channel that best suits their needs and/or desires at that moment. From telephone purchase (either through a data management system using interactive voice response), a digital payment portal, or a link to the payment gateway that you can send through your contact channel with the customer (sms, chat, email, etc.). Do you want to diversify your sales optimally? It's time to implement multichannel payments in your business.

Improve and adapt your strategy

Another way to maintain and even increase figures in times of declining sales is to optimise your strategy. By strategy optimisation, we mean designing and executing moves based on detailed knowledge of the specific needs of your customers and potential customers: consumption habits, standard or favourite payment methods, average ticket, preferred purchase channel, as well as demographic data.

Although it may sound complex, it is within your team's reach, thanks to big financial data and its automated analysis. With business intelligence, analyse your business data and create dynamic graphs in which you can see, in real-time, the main key conversion indicators of your business (also known as KPIs), so you can make the best decisions in the short and long term for your business. With our business intelligence solution, you have an in-depth understanding of your business at any given moment.

The most successful businesses know how to adapt to the circumstances at each moment. We want to accompany you in the process so you too, can get the most out of your company. There is no better time than right now to put in place a strategy to deal with inflation!

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