In order to provide their customers with high-quality service, every company must listen to their wishes. In addition, it is very important to keep track of the latest ecommerce payment trends. It is quite difficult to do this, because very often these trends change at an incredibly high rate, as do the preferences of most customers.
It often takes a lot of time and effort to track them. However, if you are reading this article, it means that right now you will learn about the latest trends in the payment industry.
- Payment industry trends or what are we looking forward to in 2021?
2021 is just beginning, but many experts say that it will not be an easy one. The sphere of payments is also expecting serious changes. And they will happen in the near future.
1. The desire to simplify payment processing. Today many companies work with many payment gateways and processors at the same time, but in the future this may cause very serious expenses. As a result, the company simply will not have enough money to improve its product.
To prevent this from happening, there are e-commerce platforms like FastSpring. With such platforms processing of payments becomes a simple task, and each company receives in its location all necessary possibilities connected with payments online.
2. Selling products through multiple channels at once. Perhaps more and more customers today are paying for their purchases with credit cards. Does this mean that you should absolutely not spend time on other sales channels? Of course not. Buyer preferences are incredibly fluid. Today they’re paying with credit cards, and tomorrow they may prefer mobile payments. In both cases, your company should be on hand to provide shoppers with full range of payment options they need.
Even if the customer started the order from a cell phone, then took a break and decided to place it on a computer or vice versa, he should be able to do so.
3. Maximum attention to data privacy. The popularity of Internet sales has made them attractive not only to shoppers, but also to fraudsters. Considering the fact that these fraudsters and cybercriminals often get what they want, we can assume that in the near future companies will pay more and more attention to the implementation of security measures and compliance with all standards.
4. The subscription model will become even more popular. As early as 2021, according to Gartner, subscription-based models will be offered to their customers by virtually all businesses. The one-time sales model will increasingly begin to become a thing of the past, all because the regular billing model allows:
- Provide customers with favorable and flexible pricing, increasing sales
- Attract customers who, for one reason or another, have previously declined to buy
- Use convenient billing as a factor in customer retention.
5. Enhance global sales. Accepting online payments and working with customers from other countries is very important. By not taking your company to other markets, you significantly limit the potential profits you can make.
- In order to successfully serve buyers from other countries, a company’s e-commerce platform must:
- Comply with the tax laws of other countries
- Support global payment methods and accept more than one currency as payment
- Ensure that customer geolocation is included in the price display
- Ensure that the customer is served well and there are no interruptions in the ordering process
It is important to understand that new payment market trends are not something far away. Many of them will become relevant in the very near future.
You need to be prepared to serve your customers to the highest standard, providing every opportunity not only in terms of product quality, but also in terms of payments. Prepare for the big changes that will come in 2021, increasing your chances of success.