Payments industry has never been so versatile. From new payment models emerging, to rising consumer expectations – the bar is set high for all the stakeholders who want to be up to date with the payments trends in 2019.
It is difficult to define the most important trends that are shaping the industry. One thing is for sure: proactivity and adaptability will be the key to staying competitive.
An omnichannel payments strategy is difficult to define. There is no clear answer nor an instruction on how to shape a winning strategy. Yet, customer preferences are evolving. They demand a tailor-made shopping experience shaped by their needs.
Innovative payments solutions should provide different benefits for the end-user. Security, fraud prevention, reporting and payments processing are some of them.
Overall shopping experience relies highly on the right payments mix. Over 80% of retailers think that a seamless omnichannel payments solution is essential. In the upcoming period, merchants will need to adjust to the ever-changing consumer preferences. This way, they will ensure that the purchase process is seamless and convenient for the consumer.
Rise of the Digital Commerce
By 2023, global digital commerce volumes will reach $6.3 trillion. There is still room for improvement in the e-commerce share in total retail sales. Asia Pacific region will take the lead, reaching 33.9% in 2023.
Despite the growing e-commerce numbers, brick-and-mortar sales will remain strong. The rising trend shows a preference in the combination of the two. Customers often look up the product online, before going to store to buy it. Merchants can benefit from the payments trends in 2019 by shaping a strong e-commerce strategy with a frictionless payment experience. Both offline, and online.
The trend of local payment methods continues in the following year. Consumers shop globally, but their preferences regarding payments are inherently local. By 2023, local payment methods will account for 89% of total e-commerce. Merchants should be aware of the vast portfolio of different payment methods preferred by customers.
Creating a perfect payment strategy should be based on covering different areas. Besides traditional payment methods (Credit Cards, PayPal, etc.), there should be payment solutions fitting the needs of consumers from different regions. Providing the appropriate payment methods will decrease checkout abandonment. Also, it will help convert international traffic. Tapping into new markets and reaching international customers would be tough without knowing their payments preferences. By including the right payments mix in the equation, the success is easy to reach.
Payments landscape is changing rapidly and new payments trends are emerging in 2019. Merchants who tend to be proactive will be more successful, anticipating change and acting accordingly.
There is a growing demand for real time payments on a global level. Faster payments will make the strongest market share gains on B2B payments and online retail segment. The convenience of faster payments goes for both merchants and consumers. Merchants benefit from funds being immediately available on their account. Consumers get an instant confirmation of the transaction. This way, they can receive the products/services faster and enjoy a frictionless shopping experience.
In conclusion, it is essential to shape a seamless shopping experience for your consumers. For every merchant that wants to stay competitive, partnering with the right solution provider can make all the difference. Strong expertise is needed to dive deep into the payments landscape. That’s why you can count on Alternative Payments for support and expertise on local payment methods. Reach out anytime and get started in no time!