SalesTechStar Interview with Nikhita Hyett, MD, Europe at BlueSnap

 The right ecommerce processes along with strong offline and online payment capabilities are some crucial factors required to reduce cart abandonment related issues today, Nikhita Hyett, MD, Europe at BlueSnap explores more in this quick chat:

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Hi Nikhita, we’d love to hear about your biggest tech learnings (being in tech!) over the years, your journey through the years in tech and of course, a deep dive into the BlueSnap platform!

My biggest learning is the appreciation of just how much is driven by tech. Product is everything – having a good tech solution can make or break a company. Meanwhile, having a well-known brand can only get you so far. Just look at the old school banks that are losing business because their tech hasn’t kept up. At BlueSnap, we have an innovative solution that takes the complexity out of payments to give businesses a better way to grow. Add to that, the experience and knowledge that my team brings together, is a perfect mix.

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How are you seeing payment technologies revamp the face of mobile and online sales today and what are some of the top predictions you have for this space in the near-future?

In so many ways! Thanks to payment tech, the pain points with mobile and online sales have mostly been removed. Payment tech enables a seamless checkout flow. It brings together tokenization for returning shoppers, saving them from re-entering their card details. It also involves one-click payment methods such as ApplePay and GooglePay. Payment tech ensures the payment page is adapted for mobile checkout and it automatically captures data to ensure a smooth 3D-secure flow. It enables everyone who wants to – and can – spend money online, to do so.

In terms of predictions: I see this flow becoming even more seamless. I see more sophisticated fraud prevention methods in place. I see an increase in payment method variety. And, in the future, no one will be carrying their card around with them. Network tokens will make sure of this. 

Can you point out some of the biggest payment concerns or challenges that you still see vendors struggle with, in offline and online channels?

Over the past year, we’ve seen a lot of businesses make some quick-fix decisions to accept lower-friction payments online. And now, we are seeing these businesses re-group and invest a bit more time and resource in making their solutions more robust. Things such as payment method variety and ease of reconciliation may have been overlooked, and are now becoming areas of focus. One other struggle we see with bigger companies with a global presence, is that of multiple integrations and contracts for each region and each channel. By using the right tech partner, these complex challenges can be easily managed.

In what ways do you feel online retailers/ecommerce providers can reduce cart abandonment with better payment features (tips / best practices, etc)?

This varies for each business and their requirements. There are however, a few general rules to follow. Firstly, always offer local currency and local payment methods. BlueSnap data has shown a 12% reduction in abandonment by offering local currencies. If you’re in the Netherlands, for example, you must offer iDeal as a payment method. Secondly, make sure you have a good integration – for example, an API integration often leads to lower abandonment than a hosted payment page re-direction. And finally, for businesses selling globally, it’s important to utilize local acquiring – this will reduce costs and increase conversions. By using a partner like BlueSnap: one integration and one contract will unlock local acquiring, currencies and payment methods. It’s all about being local – on a global scale, and minimizing technical debt while doing so.

Tell us about some upcoming features / innovations to look out for at BlueSnap?

At BlueSnap, we’re constantly looking at ways to innovate and increase our product offering and reach. BlueSnap brings together payment experts, veteran developers and technologists who are globally minded, customer focused and constantly driven to find a better way. Often, this comes from suggestions and brainstorming with our clients. This year, we will be able to add Israel and India to our list of local acquiring regions along with BACS direct debit and Open Banking as additional payment methods. We have a number of exciting partnerships being announced this year, plus some ground-breaking payment tech in the car manufacturing space (think: in-car conversational commerce).

A few thoughts on what you feel today’s sales and tech leaders need to do to drive more business value for customers and a few top sales technologies or others that you advise can help!

One of the biggest changes that fintech has driven is that, nowadays, the customers are in control. If you don’t have the product they want, they will find it elsewhere. If you don’t have the payment method or shipping method they want, they’ll look elsewhere. And looking elsewhere no longer involves traipsing around the shopping centre and trawling through shops – it’s now as simple as a click and a search. Therefore, it’s important for businesses to understand their customers and what they value most.

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