How having an automated and streamlined payment process increases customer satisfaction
Our lives revolve around digital data. Every day, 4.66 billion active internet users around the world carry out over 5.6 billion Google searches per day. We send and receive over 306 billion emails daily, and 2.14 billion of us make purchases online. The client experience with the traditional brick-and-mortar playbook is transforming. How do these activities affect the art world?
Today’s collector expects art businesses to marry offline and online experiences. This requires a more holistic approach to engagement, which our CEO, Sean Green, calls the integrated economy.
What are the ways art industry professionals can use connected ArtTech data in this new integrated economy? How can they ensure the data they collect, store, and analyze works to complement their legacy businesses?
What, exactly, is ArtTech? The term, coined by ARTERNAL, refers to technologies that help art professionals digitally communicate with greater speed and efficiency with collectors and other stakeholders across the art world ecosystem. FinTech, EdTech, and other “-tech” neologisms have disrupted various industries, such as Service Titan with home and commercial service management and Squire for barber-client management. ArtTech is doing the same with disrupting existing artworld ecosystems.
Traditional Legacy Art Businesses
We’ve entered a new era for the art world. In the old world, collectors visited brick and mortar galleries. Today, the experience of buying and selling art also involves visiting online galleries and viewing rooms. This is the integrated economy — a globalized system that harnesses the data from more sales channels than ever before and provides the customer experience clients have come to expect. And data drives this entire system.
Consider all the things data drives in the art world: Improved transparency throughout the buyer’s journey, simplification of complex transactions, adherence to complicated regulations mandated by governments, and traceability of artworks, databases that collect, sort, and manage client profiles and information.
Old methods of working with data are inefficient. At best, data is left unused. At worst, errors can be made that damage a business. For example, if a gallery doesn’t follow anti-money laundering (AML) regulations to the letter, employees may find themselves in hot water with regulators or decrease trust with clients and peers. Another example of inefficiency is the time, money, and data lost in app-switching from database to spreadsheet to email to phone app back to the database.
Understanding the changes to the buying journey is critical to an art business’ current and future success. Using ArtTech with integrity helps art dealers and other industry professionals meet buyers where they’re at, driving both in-person and online sales.
Think, for a moment, what this means. At ARTERNAL, we provide an all-in-one platform for clients that provides revenue and relationship management. This means that rather than continue to work in siloed systems, we empower art professionals with data and deep insights that lead to increased trust, transparency, and sales.
How ArtTech Will Drive the Integrated Economy
The typical workflow of the integrated system includes a number of basic steps art industry professionals need to follow in order to comply with laws and handle sales and payments. These steps include know your customer (KYC) verifications of bank account numbers, customer risk assessments to ensure a collector complies with AML laws, sending out invoices, confirming, collecting, and receiving wire transfers, and shipping art.
It’s all a little dizzying, involving at least seven steps. Along the way, any number of errors can be made, and the process can take weeks, or even months.
ARTERNAL’s all-in-one compliance system removes human error from these operational processes. Enormous volumes of ArtTech data can be used, but efficiently. Invoices are still sent, and the process is completely automated. The compliance, payments, and transactions processes are also fully automated. This automation is key as it provides ease of mind and better workflow for your art business.
Having automated and streamlined offers, transactions, and payment processes increases customer satisfaction by making their buyer’s journey smoother and safer. This not only grows your reputation in the market, but it helps you retain clients. Our lives revolve around data — but it is within our power to command it.
Ready to use ArtTech with integrity and be a part of the integrated economy? ARTERNAL is here to help.