Getting the in-store shopping experience right has never been more important. During two years of disruptions caused by COVID-related regulations, many retailers suffered significant revenue falls. Those that cater to tourists were hit particularly hard – retailers in London, for example, lost up to 47 weeks of revenue between March 2020 and November 2021. If they can’t win back their customers and lift revenues, they may not survive.

Many are turning to technology to help. A recent Gartner report revealed that 73 percent plan to increase their spending on in-store technology this year to improve the customer experience and help convert footfall into higher-value sales. Mod Wave Movement (MWM), the Spanish premium streetwear retailer, has joined with Planet, the leading global technology partner, to do just this.

“We realised we needed to provide our customers with more up-to-date and effective payment systems,” explains Ana Casado, brand manager at MWM. “We saw in Planet a holistic and technologically modern solution with reach in more than 70 countries.”

MWM customers are young and expect modern convenience. The company also has ambitions to expand into Asia. Planet’s core payment service – which incorporates the two major Chinese wallets Alipay and WeChat Pay – along with its international reach were critical in its decision to switch from a rival supplier.

Payment services from Planet are unlike any others on the market. When a customer is paying for their goods, whether they are local or international, they are served from one terminal, making the transaction faster and more resilient and delivering a superior customer experience. Planet terminals can accept payment using cards or digital wallets such as Alipay, perform currency conversion in real time and identify a non-EU card and start the VAT Refund process. The company also handles settlement. WeChat Pay will be incorporated into the single terminal shortly. Together, this adds up to an end-to-end retail payment service all under one roof.

“Planet has many different digital solutions offered over a large number of high-profile platforms, for example Visa, MasterCard, Alipay and WeChat Pay, and VAT Refunding services,” says Casado. “This is beyond the range of its competitors’ digital reach.”

Such reach is great for customers because it gives them more choice about how to pay. They get more information about the cost of the purchase in their own currency and the single terminal makes the transaction quicker. In addition, while most banks offer conversion for some 30 different currencies, Planet offers real-time, best-rate conversion for more than 130. Currency conversion also provides an additional revenue stream for merchants.

 

According to Casado, MWM switched from a rival retail payment provider to Planet late last year because “we wanted to be more effective for our international clients and provide a better experience. Planet was chosen because of its fast, effective and digital solution. It offered more than a VAT Refunding service, including services and assistance with payments, consulting and intelligence.”

 

She adds that implementation was easy and effective – and was “greatly aided by our dedicated key account manager, who supported the on-site team during the process”.

 

The retailer believes that by offering more convenient ways to pay and making VAT Refunds automatic, it will be able to lift footfall and increase sales conversion rates. In addition, few retailers in Spain accept Chinese wallet payments. This makes MWM stand out and will give it a significant competitive advantage when Chinese tourists return to Europe. Stickers on the windows promote both the VAT Refunding facility and that MWM accepts Chinese wallets.

 

But MWM’s eyes aren’t just on Europe. Given that historically many of its customers in Spain have been from Asia, its expansion strategy includes setting up shop in the region. Planet’s ability to accept Chinese wallets and its reach across 130 currencies made it the perfect partner. With Alipay alone having more than 640 million active users in December 2021, being able to capture their spending power is vital.

 

“We have plans to use Planet’s services and digital platforms to grow as a business and feel strongly that this is only the beginning of a collaborative work relationship that could lead to further expansion and innovation,” says Casado.