Gone are the days when people's only option was the traditional payment method. Due to the blossoming of technology and the disruption that COVID-19 brought, consumers now have the widespread, convenient option to pay online. Coming from this significant change, here is what eCommerce sellers should know about the current digital payment trends.
Current Digital Payment Trends
No matter what kind of business you are in, you must know the current digital payment trends. Owning a business is not only about marketing and product development. You also need to understand how customers pay. Hence, you need to know the top three trends with the current digital payment trends.
1 - Contactless Payments
Contactless payment is a big trend, not stopping anytime soon. People now love to pay using this payment method. It is the most convenient, and it does not require physical cards. All you need is a single tap enabled device.
Online Payments
The majority of online shoppers prefer to pay online because of its convenience. If a customer wants to pay online, they do not need to waste time and energy going to the bank or posting offices to deposit their payments. It is safe, fast and efficient.
Mobile Payments
Mobile payment is the future of the retail industry and is the most convenient and fastest way of making in-person payments. You only need to use your smartphone, and you can pay for your purchases in a matter of seconds.
2 - Social Media Payments
Social media payment is a trend that is picking up quickly in the eCommerce industry. More than a billion people are connected with social media. It will be a shame if you do not use this trend to your advantage. This trend is one of the biggest and most important trends you should embrace this 2022.
So, what is social media payment? It is the payment of your purchase through social media. If you pay through social media, your transaction is processed through the social media platform's system. For example, there is now an Instagram shopping and Facebook store feature that you can utilise to display your products on your page and allow the consumers to transact directly with your store.
3 - Conversational eCommerce or Chatbot Payments
Like social media payment, conversational eCommerce is a trend that will shape eCommerce in the years to come. It is the future of eCommerce, and it is not something to be taken lightly. It is a trend here to stay, and it is a must for business owners.
Conversational eCommerce payment uses chatbots like Facebook messenger, Instagram chat, etc., in purchasing eCommerce products. With the use of chatbots, customers will be able to make transactions faster and easier, eliminating the need to go to a physical store to buy products.
Conclusion
The digital payment trends today have considerably shifted the business environment. It is time to shift your mindset and embrace the current digital payment trends. Having the right attitude and adapting to the facts of the current digital payment trends can help you make your business one of the most successful in the industry.
With these three trends, you can be sure that eCommerce will continue to grow faster. So, if you are an eCommerce vendor, you must know about these trends and join them. When you stay updated on the current digital payment trends, your business will be easier, safer, and more convenient for your customer.
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