Online payment and ecommerce has reshaped the business landscape significantly. The international ecommerce market is expected to grow at a Compound Annual Growth Rate (CGAR) of over 16% during the forecast period (Technavio’s latest report). The ecommerce payment market is getting popular worldwide due to the rise in the number of smartphone users with 3G and 4G subscriptions. The world’s leading vendors and merchandisers are now partnering with banking and non-banking institutes to integrate online and offline channels and to provide the premium opportunity of online shopping to their valued customers. The vendors are now making investments to provide secure ways of online transaction, to provide a better customer experience and build trust and compatibility to their customers.
Some of the top vendors in the global ecommerce payment market are:
Impact of tech-savvy customers
The impact of tech-savvy customers on the ecommerce world is not just stronger but faster than ever before. Now customers find online shopping a more convenient and easy way that helps with time management and saves them from the hustle and bustle of the market. There are millions of different options available for online customers without the hassle of leaving the house. Customers have access to a range of tools that help them surf over a variety of designs, gauge prices, find alternatives, locate stores, and receive online discounts.
With the latest technology, customers can keep track of their order and interact directly with online retailers. Since technology has changed the business-to-consumer transactions, new opportunities for both sides of the sphere are emerging. Retailers are now well aware of the benefits of online business marketing and management. The advanced technology helps to build a stronger and compatible connection with consumers and aids in enhancing and building the image of the brand faster.
Consumers love the experience of faster delivery and lower prices
Convenience is the number one driving force towards the success of ecommerce websites. Customers find it convenient to sit at home comfortably in front of their computer screens and surf over millions of products, as such variety and display is not available in the traditional shopping system.
Mobile apps help to build stronger consumer/ retailer relationships
Online apps provide an opportunity to build a connection with consumers that goes beyond the boundaries of a brick and mortar business. Brands no longer have to wait for customers to walk into their shops or watch an advertisement to promote customer engagement.
Electronic payment technologies and ecommerce are reshaping the financial activity and lifestyle of consumers by:
- Automating complex transactions for simplicity
- Improving cash flow management
- Creating smarter and safer ways for online payments
- Broadening the access to financial resources
- Increasing revenue in emerging markets
- The development of new, smart financial products and services
- Expanding the online market for banking and other financial services
- Disruption of traditional business models
What will the future technology be for a faster and reliable business?