Ecommerce Business? Here Are Four Payment Trends To Follow Closely

Digital transactions topped $1.9 trillion in 2016 according to eMarketer, and this is expected to grow to over $4 trillion by 2020. With the amount that’s bought and sold online continuing to grow fast, the challenge for ecommerce businesses is often just keeping up. By that, I mean keeping up with both the scaling up of your own business and keeping up with the rapid changes of the ecommerce landscape.

Technology is making ecommerce experiences increasingly convenient and personalized for customers. Consequently, the only way to capture a piece of the opportunity presented by online sales and maintaining your growth is to become adept at managing both.

But for this post, I’m going to focus on the pace of change in payments specifically. It’s one of the most important components of an online business and there are a number of trends that are already affecting how we pay for things. As these trends evolve, merchants need to stay on top of how they will affect their customer’s habits and preferences. And ecommerce businesses must be prepared for the changes it will necessitate for their checkout.

1. Blurring lines between physical and digital

In addition, payment options are becoming more digital. eWallets and NFC (Near Field Communication) are making it possible to make payments directly with a phone while in store. eWallets also make online purchases through a phone much easier. This melding and streamlining of payment options between physical and digital is one trend businesses will need to continue to adapt to.

2. Greater reliability

One way to ensure your customer’s transactions are successful is to integrate with multiple payment gateways and to have intelligent payment routing. That way, if one gateway is down or results in a decline, another gateway can be attempted.

3. Increasing personalization

4. More convenience

For example, instead of inputting a password, biometric authentication (like a fingerprint) is now becoming standard on many smartphones. Juniper Research recently predicted that over 600 million mobile devices will have some form of biometric authentication, more than triple the 190 million that was recorded in 2016.

If you’re still using old methods for security and fraud prevention that add steps to your checkout process that your competitors don’t require, you could be causing customers to bounce before they complete their purchase.

Positioned for success

Originally published at www.paymotion.com on August 22, 2017.

Global Business Development | User Acquisition | Digital Advertising | Mobile Marketing | Strategic Partnerships💡 🚀 💵 #hosting #ecommerce #strategy

Global Business Development | User Acquisition | Digital Advertising | Mobile Marketing | Strategic Partnerships💡 🚀 💵 #hosting #ecommerce #strategy