In previous years, we would normally evaluate trends that have formed as a result of years of evolution in customer behavior, but this time around, the pandemic has had the greatest impact of all when it comes to our shopping habits. Of course, other customer behavior changes have played a role in the payment trends that have emerged, but we can safely say that avoiding viral infections, following the still-relevant social distancing rules, and other preventative measures have all shared a role in shaping how we buy things online.
That said, the entire ecommerce industry has yet to feel the full effect of the pandemic and the changing customer preferences and needs. To make sure your own ecommerce business is at the forefront of these changes, make sure that you accept and encourage the following payment methods and trends this year, and moving forward.
Contactless payments on the rise
A major change in how people interact based on the social distancing rules as well as a mandatory quarantine for many has led to a shift in payments, too. No direct contact between people warrants no direct contact with payment platforms and tools to avoid cross-contamination and getting sick. To facilitate that, many companies have introduced digital invoicing and contactless payments on delivery.
This is a great perk for everyone involved, both as a way to avoid spreading the virus in the midst of a pandemic, but also as a way to cut processing times and other intricate issues. The convenience of contactless payments means that more people are happy to buy online, pick up their goods, or have them delivered, provided that they can pay without direct contact. Over time, we can expect more credit card providers to offer even higher limits for contactless payments, to make it easier for people to use this option.
Buy now, pay later systems
The pandemic has also increased financial instability in every single country in the world. Even among the wealthy and the well-off, people have been buying based on purpose rather than on a whim, making buyers more cautious when spending every single dime. While introducing online shopping has meant growth for many companies, you also need to find ways to help people pay for the more costly products and services available online.
To enable this trend, we now have a selection of payment options that are based on the buy now, pay later model. It helps ecommerce companies get hold of the money as soon as the person purchases it, but the buyer has the chance to pay off the product in installments. The win-win strategy has helped many keep up with their needs, and more ecommerce companies are gladly offering the model to customers.
Cryptocurrencies taking over the mainstream
In the years of their inception, cryptocurrencies haven’t been the most popular payment choice among many brands, so few have encouraged or accepted them. Today, as more currencies of this nature rise to popularity and their usage is amplified with blockchain technology, the security of these payments and their growing stability is rapidly making them a favorite option among forward-thinking ecommerce businesses.
What’s more, many ecommerce brands are also investing in bitcoin mining to increase their own investment potential and introduce strong cryptos like bitcoin into the mainstream. With access to cost-effective hardware, ecommerce companies can have their own dedicated miners, while encouraging customers who mine to buy with bitcoin and grow their own financial stability with cryptocurrencies.
Mobile wallets more popular than ever
Convenience remains a top priority among buyers, so naturally, if they can skip a few steps during the checkout process, the chances of them going through with the purchase will be greater. As a result, people are now using their mobile phones to make payments by leveraging mobile apps that turn their phones into wallets. Mobile wallets are highly secure payment options, as these apps store your key credit card information, so all you need is your number to make a payment.
Of course, depending on the provider and the system you have on your phone, you will have different options at your disposal. That’s why more ecommerce companies will try to accommodate all and any mobile payments in the upcoming months.
Digital banking expanding rapidly
Leading international banking institutions and credit card providers have always had priority among ecommerce companies. Once PayPal, Payoneer, and similar digital banking options came to life, customers started switching to these new alternatives for making online purchases, too, albeit not exclusively.
Now, traditional banks are providing their own e-banking options to customers, and more digital banks are emerging with their own appealing offers. More ecommerce companies are beginning to accept these digital banking payments, in an attempt to offer a wider selection to their customer and simplify the payment process altogether.
The world of ecommerce has become accustomed to rapid industry changes, but when it comes to payments, some level of stability gives any business the control necessary for long-term success. That is why learning about imminent and quickly emerging payment trends ahead of time gives you the advantage to implement these changes sooner rather than later and make the most of them quickly. Being a leading ecommerce business in embracing innovation in payments will help you position yourself in your niche and earn the trust of more customers than ever before.
