The convenience and effectiveness of e-commerce have made it a rapidly growing method of transaction globally. The constant technological advancements in online payments, coupled with developments in related areas such as financial technology (FinTech) have made it difficult to keep up with the latest trends. Staying up to date with the latest e-commerce innovations has become increasingly important as more people and businesses grow more comfortable with online payments. These online methods of payment are crucial for businesses due to intense competition in most sectors and the need for improved customer experience. Here are some of the revolutionary trends of e-commerce that are expected to shape online transactions:
While the use of mobile applications for online payments has been around for some time, its widespread acceptance is a new trend. Many e-commerce businesses have taken advantage of the opportunity since mobile transactions are fast, efficient, and safe. With the high level of convenience and confidence accorded to the mobile mode of payments, it is expected that they will contribute more than half of e-commerce revenue in the next few years.
Cross-border (international) possibilities
New online payment innovations have made it possible to complete transactions seamlessly across borders. Customers can now look beyond their borders while e-commerce entities are also able to increase their sales revenue without relying on their local market alone.
Smarter and improved processing of payments
A new trend will see wide adoption of smarter and simplified payment processing to avoid complex steps that can lead to the abandonment of shopping carts. The smarter options being developed by businesses will offer a wide range of managing and completing payments. The advancements will eliminate features of online payment that customers find inconvenient or costly such as the creation of accounts, slow delivery, website errors, and unsatisfactory return policies.
Artificial intelligence and automation
A relatively large number of businesses are already using artificial intelligence (AI) to improve customer experience and service through applications such as chatbot assistants. AI can also be applied in the creation of customised product and search engine optimisation (SEO) contents. Additionally, e-commerce is expected to become more automated without the need for human contact or interaction with customers.
Other existing online payment trends that are expected to revolutionise transactions even further are omni-channel payments, subscription models, data security focus, use of QR code, and social media influence. It is important to stay updated on modern methods of completing online transactions.