Customer Loyalty and Retention Amid COVID-19

The worldwide coronavirus (COVID-19) pandemic is changing the way consumers make their purchases. In addition to an increased interest in ecommerce, consumers have contributed to the rising amount of time spent on social media platforms. Such online channels include TikTok, Twitter, Facebook, and Instagram, and even Snapchat. 

As a response to this demand for ecommerce options and the increased use of social channels, companies have opted for digital solutions to amplify the quality of the customer service experience. This includes the rise of partnerships between companies and social media platforms. TikTok, for example, is now working with Levi’s in the Shop Now program. Shop Now lets users buy items via the TikTok application. In addition to TikTok, Levi’s other partnerships include Instagram, Snapchat, and Pinterest. 

Although there is an avoidance of brick-and-mortar stores, there are nonetheless consumers who visit them for essential needs. These consumers either cannot order items they need online or must visit a location for pick-up purposes.

In response to this group of individuals, as well as to continue maintaining safe practices to help mitigate the spread of COVID-19, stores are encouraging the use of contactless payment methods. This is only proliferated by the help of the credit card companies themselves.

For instance, in early April, Mastercard announced that it will increase the tap limit on its credit cards to $250. This allows cardholders to make more purchases in a safer and no-contact manner, contributing to more revenue through a pledge towards customer care. In turn, merchants who conduct business can be aided when it comes to retaining customers.

“Mastercard is proud to have played a leadership role in driving the adoption of contactless payments in Canada and we know that Canadians have embraced it as a preferred way to pay,” Sasha Krstic, the president of Mastercard in Canada, said in the announcement. “With safety and social distancing top of mind for all Canadians, today’s announcement is one way we’re helping cardholders to shop easily, securely and with more peace of mind during this difficult time.”

The ability for a merchant to meet customer expectations when it comes to their care and safety is paramount to the success of a business. Whether a merchant does this by opening an optimized ecommerce store or championing contactless payment methods, the Merchant Broker team is ready to help them reach their goals. To achieve more through payments and save time, contact the Merchant Broker team at either 1-888-668-0733 or email info@merchantbroker.com.

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