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Growth

How sporting events like the Olympic Games affect sports retailers

How sporting events like the Olympic Games affect sports retailers

How sporting events like the Olympic Games affect sports retailers

How sporting events like the Olympic Games affect sports retailers

How do you manage the surge in transactions after a major sporting event, while also ensuring a smooth and secure customer experience?

How do you manage the surge in transactions after a major sporting event, while also ensuring a smooth and secure customer experience?

Ecommerce-tips

Ecommerce-tips

Ecommerce-tips

Sep 23, 2024

Major sporting events, like the Olympic Games, tend to generate worldwide interest that translates into increased sales in many industries like travel, hospitality and especially sporting goods retail. For specialist retailers, these events represent a lucrative opportunity but they come with their own challenge: managing the increase in sales while guaranteeing a smooth and secure customer experience.

Major sporting events, like the Olympic Games, tend to generate worldwide interest that translates into increased sales in many industries like travel, hospitality and especially sporting goods retail. For specialist retailers, these events represent a lucrative opportunity but they come with their own challenge: managing the increase in sales while guaranteeing a smooth and secure customer experience.

Major sporting events, like the Olympic Games, tend to generate worldwide interest that translates into increased sales in many industries like travel, hospitality and especially sporting goods retail. For specialist retailers, these events represent a lucrative opportunity but they come with their own challenge: managing the increase in sales while guaranteeing a smooth and secure customer experience.

Major sporting events, like the Olympic Games, tend to generate worldwide interest that translates into increased sales in many industries like travel, hospitality and especially sporting goods retail. For specialist retailers, these events represent a lucrative opportunity but they come with their own challenge: managing the increase in sales while guaranteeing a smooth and secure customer experience.

Handling sales surges

Major sporting events stimulate a buying frenzy among consumers. Sales of items like jerseys, sports balls, and specialised equipment – such as swimming gear, after the dazzling performances of athletes like Léon Marchand – soar during these times.

Consumers want to connect with their favourite athletes, and the intensive media coverage around these events fuel this desire. For retailers, it is crucial to anticipate these peaks in demand so that they can optimise their supply chain and ensure their payment systems can handle high transaction volumes. Effective preparation helps prevent service slowdowns, or even disruptions during these critical periods.

Adopting technology like Tap to Pay can make transactions faster and more convenient, enriching the customer experience and potentially boosting sales. And with the rise of split-payment options like buy now, pay later (BNPL), high-value sports items become more accessible, encouraging consumers to spend more and increasing the average transaction value.

Major sporting events stimulate a buying frenzy among consumers. Sales of items like jerseys, sports balls, and specialised equipment – such as swimming gear, after the dazzling performances of athletes like Léon Marchand – soar during these times.

Consumers want to connect with their favourite athletes, and the intensive media coverage around these events fuel this desire. For retailers, it is crucial to anticipate these peaks in demand so that they can optimise their supply chain and ensure their payment systems can handle high transaction volumes. Effective preparation helps prevent service slowdowns, or even disruptions during these critical periods.

Adopting technology like Tap to Pay can make transactions faster and more convenient, enriching the customer experience and potentially boosting sales. And with the rise of split-payment options like buy now, pay later (BNPL), high-value sports items become more accessible, encouraging consumers to spend more and increasing the average transaction value.

Major sporting events stimulate a buying frenzy among consumers. Sales of items like jerseys, sports balls, and specialised equipment – such as swimming gear, after the dazzling performances of athletes like Léon Marchand – soar during these times.

Consumers want to connect with their favourite athletes, and the intensive media coverage around these events fuel this desire. For retailers, it is crucial to anticipate these peaks in demand so that they can optimise their supply chain and ensure their payment systems can handle high transaction volumes. Effective preparation helps prevent service slowdowns, or even disruptions during these critical periods.

Adopting technology like Tap to Pay can make transactions faster and more convenient, enriching the customer experience and potentially boosting sales. And with the rise of split-payment options like buy now, pay later (BNPL), high-value sports items become more accessible, encouraging consumers to spend more and increasing the average transaction value.

Major sporting events stimulate a buying frenzy among consumers. Sales of items like jerseys, sports balls, and specialised equipment – such as swimming gear, after the dazzling performances of athletes like Léon Marchand – soar during these times.

Consumers want to connect with their favourite athletes, and the intensive media coverage around these events fuel this desire. For retailers, it is crucial to anticipate these peaks in demand so that they can optimise their supply chain and ensure their payment systems can handle high transaction volumes. Effective preparation helps prevent service slowdowns, or even disruptions during these critical periods.

Adopting technology like Tap to Pay can make transactions faster and more convenient, enriching the customer experience and potentially boosting sales. And with the rise of split-payment options like buy now, pay later (BNPL), high-value sports items become more accessible, encouraging consumers to spend more and increasing the average transaction value.

Securing payments

Securing payments

When a major sporting event draws in massive crowds, it also attracts more fraud attempts. Businesses must be vigilant and implement strong security measures that safeguard customers without compromising their shopping experience. Modern solutions like Mollie's Acceptance & Risk tool can detect and block suspicious transactions in real time. By using advanced algorithms to analyse purchasing behaviour, these systems quickly identify anomalies, reducing the risk of fraud while keeping the payment process seamless.

The role of dual authentication

3D Secure (3DS) is essential for securing payments, adding an extra layer of protection by requiring additional verification,  typically via SMS or biometric approval, before confirming a transaction. Although 3DS is highly effective in fraud prevention, it can sometimes cause friction, leading to abandoned carts, as customers face added steps in their purchase journey.

Dynamic 3DS addresses this byby flagging high-risk transactions and only requiring additional verification when necessary. For transactions flagged as low-risk, the need for extra authentication can be bypassed, allowing for a smoother experience without sacrificing security. 

This flexibility balances safety with convenience, keeping the customer journey as smooth as possible.

Securing payments

When a major sporting event draws in massive crowds, it also attracts more fraud attempts. Businesses must be vigilant and implement strong security measures that safeguard customers without compromising their shopping experience. Modern solutions like Mollie's Acceptance & Risk tool can detect and block suspicious transactions in real time. By using advanced algorithms to analyse purchasing behaviour, these systems quickly identify anomalies, reducing the risk of fraud while keeping the payment process seamless.

The role of dual authentication

3D Secure (3DS) is essential for securing payments, adding an extra layer of protection by requiring additional verification,  typically via SMS or biometric approval, before confirming a transaction. Although 3DS is highly effective in fraud prevention, it can sometimes cause friction, leading to abandoned carts, as customers face added steps in their purchase journey.

Dynamic 3DS addresses this byby flagging high-risk transactions and only requiring additional verification when necessary. For transactions flagged as low-risk, the need for extra authentication can be bypassed, allowing for a smoother experience without sacrificing security. 

This flexibility balances safety with convenience, keeping the customer journey as smooth as possible.

Securing payments

When a major sporting event draws in massive crowds, it also attracts more fraud attempts. Businesses must be vigilant and implement strong security measures that safeguard customers without compromising their shopping experience. Modern solutions like Mollie's Acceptance & Risk tool can detect and block suspicious transactions in real time. By using advanced algorithms to analyse purchasing behaviour, these systems quickly identify anomalies, reducing the risk of fraud while keeping the payment process seamless.

The role of dual authentication

3D Secure (3DS) is essential for securing payments, adding an extra layer of protection by requiring additional verification,  typically via SMS or biometric approval, before confirming a transaction. Although 3DS is highly effective in fraud prevention, it can sometimes cause friction, leading to abandoned carts, as customers face added steps in their purchase journey.

Dynamic 3DS addresses this byby flagging high-risk transactions and only requiring additional verification when necessary. For transactions flagged as low-risk, the need for extra authentication can be bypassed, allowing for a smoother experience without sacrificing security. 

This flexibility balances safety with convenience, keeping the customer journey as smooth as possible.

Securing payments

When a major sporting event draws in massive crowds, it also attracts more fraud attempts. Businesses must be vigilant and implement strong security measures that safeguard customers without compromising their shopping experience. Modern solutions like Mollie's Acceptance & Risk tool can detect and block suspicious transactions in real time. By using advanced algorithms to analyse purchasing behaviour, these systems quickly identify anomalies, reducing the risk of fraud while keeping the payment process seamless.

The role of dual authentication

3D Secure (3DS) is essential for securing payments, adding an extra layer of protection by requiring additional verification,  typically via SMS or biometric approval, before confirming a transaction. Although 3DS is highly effective in fraud prevention, it can sometimes cause friction, leading to abandoned carts, as customers face added steps in their purchase journey.

Dynamic 3DS addresses this byby flagging high-risk transactions and only requiring additional verification when necessary. For transactions flagged as low-risk, the need for extra authentication can be bypassed, allowing for a smoother experience without sacrificing security. 

This flexibility balances safety with convenience, keeping the customer journey as smooth as possible.

Effective subscription management

Adopting subscription models is a smart strategy for many sports brands, especially those that offer consumable products or regular services. For instance, for brands that sell supplements,a subscription guarantees steady income and cultivates customer loyalty. Subscriptions simplify the purchasing process, getting rid of the hassle of renewing orders for your customers. 

Managing subscriptions effectively, however, requires a payment solution that can handle recurring transactions smoothly, especially during high-demand periods. This includes features like automatic card updates, flexible payment options, and minimising failed payments, all crucial for a seamless customer experience that reduces the risk of churn.

Adopting subscription models is a smart strategy for many sports brands, especially those that offer consumable products or regular services. For instance, for brands that sell supplements,a subscription guarantees steady income and cultivates customer loyalty. Subscriptions simplify the purchasing process, getting rid of the hassle of renewing orders for your customers. 

Managing subscriptions effectively, however, requires a payment solution that can handle recurring transactions smoothly, especially during high-demand periods. This includes features like automatic card updates, flexible payment options, and minimising failed payments, all crucial for a seamless customer experience that reduces the risk of churn.

Adopting subscription models is a smart strategy for many sports brands, especially those that offer consumable products or regular services. For instance, for brands that sell supplements,a subscription guarantees steady income and cultivates customer loyalty. Subscriptions simplify the purchasing process, getting rid of the hassle of renewing orders for your customers. 

Managing subscriptions effectively, however, requires a payment solution that can handle recurring transactions smoothly, especially during high-demand periods. This includes features like automatic card updates, flexible payment options, and minimising failed payments, all crucial for a seamless customer experience that reduces the risk of churn.

Adopting subscription models is a smart strategy for many sports brands, especially those that offer consumable products or regular services. For instance, for brands that sell supplements,a subscription guarantees steady income and cultivates customer loyalty. Subscriptions simplify the purchasing process, getting rid of the hassle of renewing orders for your customers. 

Managing subscriptions effectively, however, requires a payment solution that can handle recurring transactions smoothly, especially during high-demand periods. This includes features like automatic card updates, flexible payment options, and minimising failed payments, all crucial for a seamless customer experience that reduces the risk of churn.

Optimising international transactions

Global events like the Olympics also open up opportunities for retailers to expand their reach internationally. Beyond simply accepting payments, retailers need to accommodate the payment preferences of customers from around the world. 

While credit cards are widely used in North America, some European countries favour local options like iDEAL in the Netherlands, Bancontact in Belgium, and Klarna in Scandinavia. To appeal to these customers, retailers should offer a variety of payment solutions that cater to both global and local preferences. In addition, they need to manage the risks associated with exchange rates, cross-border charges and chargeback policies that vary from country to country.

A strong international payment strategy can be a real growth accelerator for businesses. Advanced payment platforms are invaluable here, as they make it easier to manage multi-currency transactions, integrate local payment methods, and stay compliant with international regulations. By using these tools, retailers can draw in customers from all corners of the globe and provide a smooth, secure shopping experience.

Global events like the Olympics also open up opportunities for retailers to expand their reach internationally. Beyond simply accepting payments, retailers need to accommodate the payment preferences of customers from around the world. 

While credit cards are widely used in North America, some European countries favour local options like iDEAL in the Netherlands, Bancontact in Belgium, and Klarna in Scandinavia. To appeal to these customers, retailers should offer a variety of payment solutions that cater to both global and local preferences. In addition, they need to manage the risks associated with exchange rates, cross-border charges and chargeback policies that vary from country to country.

A strong international payment strategy can be a real growth accelerator for businesses. Advanced payment platforms are invaluable here, as they make it easier to manage multi-currency transactions, integrate local payment methods, and stay compliant with international regulations. By using these tools, retailers can draw in customers from all corners of the globe and provide a smooth, secure shopping experience.

Global events like the Olympics also open up opportunities for retailers to expand their reach internationally. Beyond simply accepting payments, retailers need to accommodate the payment preferences of customers from around the world. 

While credit cards are widely used in North America, some European countries favour local options like iDEAL in the Netherlands, Bancontact in Belgium, and Klarna in Scandinavia. To appeal to these customers, retailers should offer a variety of payment solutions that cater to both global and local preferences. In addition, they need to manage the risks associated with exchange rates, cross-border charges and chargeback policies that vary from country to country.

A strong international payment strategy can be a real growth accelerator for businesses. Advanced payment platforms are invaluable here, as they make it easier to manage multi-currency transactions, integrate local payment methods, and stay compliant with international regulations. By using these tools, retailers can draw in customers from all corners of the globe and provide a smooth, secure shopping experience.

Global events like the Olympics also open up opportunities for retailers to expand their reach internationally. Beyond simply accepting payments, retailers need to accommodate the payment preferences of customers from around the world. 

While credit cards are widely used in North America, some European countries favour local options like iDEAL in the Netherlands, Bancontact in Belgium, and Klarna in Scandinavia. To appeal to these customers, retailers should offer a variety of payment solutions that cater to both global and local preferences. In addition, they need to manage the risks associated with exchange rates, cross-border charges and chargeback policies that vary from country to country.

A strong international payment strategy can be a real growth accelerator for businesses. Advanced payment platforms are invaluable here, as they make it easier to manage multi-currency transactions, integrate local payment methods, and stay compliant with international regulations. By using these tools, retailers can draw in customers from all corners of the globe and provide a smooth, secure shopping experience.

Mollie: more than a payment service provider

At Mollie we offer much more than just a way to accept payments. Our payments  solution is built to optimise all your payment processes. With tools like Acceptance & Risk, we help secure your transactions, reducing fraud risk while providing a wide range of local and international payment methods. This lets you deliver a seamless shopping experience for every customer, no matter their preferred payment method or shopping channel. 

At Mollie, we’re here to support your growth. Our scalable solutions are designed to give you full control and reliability in handling transactions. We also offer easy, straightforward financing options, so next time the Olympics, or any major sports competition rolls around, you’ll have everything you need to make the most of it.  

To transform your payment management and drive your brand’s success, even during high-demand periods, get in touch.

At Mollie we offer much more than just a way to accept payments. Our payments  solution is built to optimise all your payment processes. With tools like Acceptance & Risk, we help secure your transactions, reducing fraud risk while providing a wide range of local and international payment methods. This lets you deliver a seamless shopping experience for every customer, no matter their preferred payment method or shopping channel. 

At Mollie, we’re here to support your growth. Our scalable solutions are designed to give you full control and reliability in handling transactions. We also offer easy, straightforward financing options, so next time the Olympics, or any major sports competition rolls around, you’ll have everything you need to make the most of it.  

To transform your payment management and drive your brand’s success, even during high-demand periods, get in touch.

At Mollie we offer much more than just a way to accept payments. Our payments  solution is built to optimise all your payment processes. With tools like Acceptance & Risk, we help secure your transactions, reducing fraud risk while providing a wide range of local and international payment methods. This lets you deliver a seamless shopping experience for every customer, no matter their preferred payment method or shopping channel. 

At Mollie, we’re here to support your growth. Our scalable solutions are designed to give you full control and reliability in handling transactions. We also offer easy, straightforward financing options, so next time the Olympics, or any major sports competition rolls around, you’ll have everything you need to make the most of it.  

To transform your payment management and drive your brand’s success, even during high-demand periods, get in touch.

At Mollie we offer much more than just a way to accept payments. Our payments  solution is built to optimise all your payment processes. With tools like Acceptance & Risk, we help secure your transactions, reducing fraud risk while providing a wide range of local and international payment methods. This lets you deliver a seamless shopping experience for every customer, no matter their preferred payment method or shopping channel. 

At Mollie, we’re here to support your growth. Our scalable solutions are designed to give you full control and reliability in handling transactions. We also offer easy, straightforward financing options, so next time the Olympics, or any major sports competition rolls around, you’ll have everything you need to make the most of it.  

To transform your payment management and drive your brand’s success, even during high-demand periods, get in touch.

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Table of contents

Table of contents

Table of contents

Table of contents

Table of contents

Handling sales surges

Securing payments

Effective subscription management

Optimising international transactions

Mollie: more than a payment service provider

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MollieGrowthHow sporting events like the Olympic Games affect sports retailers
MollieGrowthHow sporting events like the Olympic Games affect sports retailers
MollieGrowthHow sporting events like the Olympic Games affect sports retailers