In the rapidly evolving world of digital content, seamless and efficient payments are crucial to the success of businesses. Consumers are increasingly becoming selective in their payment choices and user experience (UX). Regardless of how incredible your offering is, if the customer experience is inconsistent, flawed, or frustrating, plenty of competitors are eager to capitalise on your missed opportunities. Every failed payment, security issue, or other friction in the customer journey can result in increased churn rates, lost customers, and declining revenue.
After surveying consumers across nine countries, we developed the Digital Payments Performance Report which provides valuable insights into global consumer preferences and pain points and offers a roadmap for digital merchants to optimise their payment strategies and elevate the UX.
In the digital content space, subscriptions have become a powerful monetisation model, with 67% of consumers globally feeling that the option to subscribe is important. However, it’s necessary to understand regional variations, as some countries prefer subscriptions more than others. For instance, subscription preferences are higher in Brazil (83%) and China (89%) compared to the UK (51%), France (52%), and Australia (55%).
Consumers also prefer subscriptions that include a free trial because they want to try the product before committing. Although some users cancel after the free trial ends, 77% consider retaining the service. Hence, catering to these diverse preferences and ensuring a seamless subscription experience, from offering free trials to easy cancellations, can help businesses increase retention and customer lifetime value.
When managing payments, security and trust are also critical factors in the digital payments landscape. We found that 61% of consumers feel more secure when they see familiar payment brands, 45% value a lock symbol in the payment process, and 38% prefer biometric authentication. Implementing a secure payment experience can prevent revenue loss and boost customer confidence and loyalty to the brand.
On top of these, utilising data-driven insights from comprehensive payment reporting is also essential for understanding user behaviour and the business’s financial health. By gaining a global overview of transaction trends and top-selling content, identifying pain points, and understanding dips in approval rates, businesses can continuously optimise their payment processes and stay ahead of the competition.
Digital merchants navigate a complex web of transactions involving diverse stakeholders, including customers, content creators, online tutors, developers, and other business partners. Ensuring your business can make payouts promptly is vital to maintaining and growing your customer base and network of partners that help you increase your revenue.
Simplifying the complexities of international payouts, ensuring prompt compensation for business partners, as well as providing a hassle-free refund experience for customers can foster stronger relationships and support the growth of the entire digital content ecosystem.
As the digital content industry continues to evolve, payments will remain critical in shaping the UX and driving business success. We found that there is growing consumer interest in augmented and virtual reality, Buy Now, Pay Later (BNPL) models, cryptocurrency, digital currencies, and subscriptions.
To unlock new opportunities and maintain a competitive edge, digital merchants must remain curious, stay informed about the latest innovations, and demonstrate the agility to integrate these advancements into their payment strategies. By anticipating and adapting to the evolving payment landscape, businesses can continue to excite and inspire their users while driving continuous growth.
The Digital Payments Performance Report provides comprehensive analysis and recommendations on how digital merchants can optimise their processes when taking, managing, and making payments. By leveraging the insights and strategies outlined in the report, businesses can unlock the power of digital payments, enhance the UX, and position themselves for long-term success in the dynamic digital content industry.
Abigail Granada is a Senior Vertical Marketing Manager for Digital Content at Worldpay. She has over five years of experience in the financial services industry and a diverse background across multiple sectors. She currently leads the go-to-market marketing strategy for the digital vertical, focusing on how payments can drive efficiency and growth for digital businesses. Leveraging her expertise, combined with her strong commitment to thought leadership, Abby shares industry knowledge and strategic insights to help advance the role of payments in the ever-evolving digital landscape.
Worldpay is an industry-leading payments technology and solutions company with unique capabilities to power omni-commerce across the globe. Worldpay’s processing solutions allow businesses of all sizes to take, make, and manage payments in-person and online from anywhere in the world.
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