Digital Payment Trends for E-Commerce
COVID-19 saw consumers shifting their buying patterns, showing how digital payment methods have become an integral component of modern retail experience. As the global economy develops further, shoppers demand convenience and a faster checkout process, necessitating online merchants offering safe and secure payment solutions such as BNPL apps, digital wallets, one-click payments and other methods of payment to meet these expectations.
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2023 promises to see continued online retail growth with its emphasis on speed, convenience and security. Therefore, businesses must keep their payments systems current if they wish to remain competitive; merchants should invest in modern payment technology while looking at alternative means of increasing sales or improving customer service such as social commerce, in-app payments or QR code payments as viable strategies.
Digital payment tools have witnessed exponential growth since 2016, with nearly 9 out of 10 US adults now using at least one. Their use has rapidly expanded in the past year as consumer preferences evolve and in-app and peer-to-peer (P2P) purchases remain the primary digital use cases, accounting for 62% of digital transactions respectively. Meanwhile, buy now, pay later (BNPL) services such as Klarna, Affirm and Afterpay have seen tremendous uptick.
Customers across all categories are accepting an ever-wider selection of products and services, and one trend emerging is “super apps”, or applications offering access to multiple virtual goods and services at one go – for instance China’s WeChat app has become an umbrella offering taxi rides, food delivery, hotel bookings and medical consultations all from within its platform. Such apps have arisen as consumers demand reduce the number of apps on their smartphones.
Another key trend that’s developing is digital privacy. Consumers across all channels are prioritising it when conducting online transactions, leading them to move towards more secure payment tools such as BNPL and wallets which encrypt every purchase made online.
These digital payment trends demonstrate how ecommerce is constantly morphing. By developing the proper strategies, merchants can stay ahead of the game and maximize sales. Offering customers seamless payment solutions can attract and keep a large customer base; and by taking advantage of all that digital economies offer.
