Payments leader Worldpay has announced it is working with Missguided to help the online fashion retailer strengthen its payments strategy and ensure the success of its global expansion. Missguided saw its sales rise 69% last year and is aiming to beat this figure in 2015, fuelled largely by international expansion.
Worldpay’s expertise and experience in international markets will help inform Missguided’s US strategy. Worldpay will enable the company to report and act on its payments data, which it was not in a position to do previously. As a result, Missguided will be able to better manage payment traffic and drive additional business using the data at its disposal.
This will also allow the retailer to improve its transaction acceptance levels. With Missguided aiming to achieve nearly 95% growth this fiscal year, improving its already-strong acceptance rate will take it one step closer to reaching that goal. In addition, by reducing the incidence of declined payments Missguided will build stronger relationships with customers and be better placed to secure repeat business.
Steven McKiernan, Financial Controller at Missguided said: “The world of online retail is extremely competitive. If you turn a customer away over a poor experience, including a declined payment, it’s unlikely they will come back to shop with you again. Our ambition isn’t just to grow as a company; it is to deliver the best online shopping experience for the people who use our website globally. With a more complete view of our payment data and the ability to quickly act on this information, we’ll be in the best position to continue doing just that as we extend our reach in new markets.”
Maria Prados, VP of retail at Worldpay, said: “This relationship with Missguided is about much more than just providing them with static payment data. Our years of international experience and granular view into sales figures allow us to take a much deeper dive and actually help companies understand the implications of this information on the wider business. Missguided has had an exceptional year and with our guidance and services they will be ready to meet their ambitious growth targets in America and around the world.”