As mobile technology makes more people trade ‘bricks for clicks’, many of the innovative payment methods cannot be implemented in physical stores. The payment infrastructure for offline retailers isn’t ready to use many new methods. However, when it comes to sending and receiving money online, one can get to transact with ease using several of the advanced payment solutions.
As more people prefer online shopping rather than going to offline stores, eCommerce businesses are prospering. There are several alternative payment methods, spurred by the need to give the consumers the solutions to their concerns. Consumers nowadays have the advantage of choices, as there are also innovative payment methods that they can access using their mobile devices. There are three factors that propel the astounding growth of alternative payment methods, which are as follows:
During the first quarter of the year 2018, the census report from the US Department of Commerce stated that retail eCommerce sales reached over $123 billion. Statics show that 75 percent of US-based consumers use various online payment methods for eCommerce purchases.
The payment habits of online shoppers are changing. No longer do shoppers prefer traditional payment methods. The mobile boom has paved the way for people to use alternative payment methods for their various transactions. A lot of shoppers also no longer want to enter their banking or credit card information online as they are aware of the risks. It is also a hassle to fill up a form with the details of bank or credit card payment information.
Technology providers do base their innovations on how they can make payments more convenient for the consumers. The checkout experience and the alternative payment methods are created with the consumer experience in mind. Even the restriction of paying upfront has changed, as there are alternative payment methods that provide trial offers or instant financing to make it much more appealing for the consumer to purchase.
Checkout experience. Checkout technology and design have enabled many merchants to have the ease of integrating alternative payment methods to their processing. Since consumers desire a hassle-free checkout experience and there is a need for choices, more eCommerce sites have both traditional and alternative ways to pay. Continuous adaptation to the demands of the ever-changing internet market is required for any business to prosper online.
As our world becomes increasingly digital, the way that buyers prefer to pay for their purchases has changed. The mobile lifestyle has drastically changed the way we spend, as more of us have discovered that saves time and effort to shop online. Just a few years ago, one of the most common purchases online was for pizza delivery. Now, a person can order nearly anything from around the world by simply using their mobile device.
The payment infrastructure of brick-and-mortar stores cannot keep up with the innovations in payment methods. For offline stores, one of the solutions is for them to have online payment methods for their consumers such as their own retail store app. Online payments are no longer a trend but an integral part of today’s mobile lifestyle.