The eCommerce and Payment Processing landscape is in the midst of multiple disruptions — technological, economic and social. This promises to impact payment systems in the coming years.
Emerging Payment Opportunities
“Social eCommerce” is selling goods/services directly within social media platforms like TikTok. It meets consumers where they are, allowing them to make a purchase immediately and seamlessly on social media rather than redirecting them to a business' website. Result: more convenient on-demand action.
Use of digital currencies (including central bank digital currencies) and stablecoins / cryptocurrencies continue to grow. Consumers are demanding freedom from central bank or government controls including cross-border payments and remittances, loyalty and rewards and digital-wallet integration.
Consumers are already familiar with using biometrics (e.g. finger, face or iris to access smartphones). Now, they're ready to use them for payments over the Internet to making shopping more convenient and secure. 86% are interested in extending the use of biometrics as long as their privacy is respected.
Many of these emerging opportunities are tied to the increasingly digital world we live in — a trend that is accelerating with Artificial Intelligence and ever expanding digital economy. As our personal and professional lives continue to move online, so does more and more of our economic activity. But more than that, the essential nature of online commerce is evolving, largely to accommodate shifting consumer preferences and disruptive technologies. For a new generation of shoppers, this is an exciting opportunity but also a challenge to adapt to for business decision makers.
"At PaymentOnline.com we see .new technologies that offer faster, more convenient, more seamless or more personalized commerce experiences. As always, consumer preferences lead the way, and businesses that want to navigate a potentially challenging online commerce landscape need to adopt and adapt to lead mindful of these emerging trends in their favor to stand and make strong gains."
Live eCommerce allows customers to buy products that they see on screen during livestreaming events. The purchase is convenient and quick and is often completed in one click using “buy” links or QR codes shown on screen. It's growing rapidly, thanks in part to the appealing mix of shopping, entertainment and social interaction that it offers. In fact, sales driven by live eCommerce could account for as much as 10% to 20% of all eCommerce by 2026, or roughly $55 billion in sales in the US alone in 2026.
"PaymentOnline.com has embraced live eCommerce to allow our clients engage customers and drive sales. Earlier this year, the company held a live shopping event on Instagram. During the 20-minute livestream marketplace, products were presented for auction sale. This was a big success for our participating clients, resulting in as much as 85% sales increase."
Global social commerce sales was only $492 billion in 2021, a number expected to to grow to $2.6 trillion by 2025. In our survey, more than half of businesses indicated they will introduce social eCommerce as a new sales channel in 2024-2030.
AI is rapidly changing marketing performance systems by finding the most effective methodology for highest returns in the Metaverse
Digital economy, Metaverse social & business interactions and new technologies are working together to bring incredible new opportunities
Almost 800 million people send money (for food, utilities, education etc.) working in developed economies to family and friends in the developing nations.
At the moment, 93.5% of businesses report that customers prefer to pay for goods or services using well-established digital wallets or crypto-specific digital wallets.
I wholeheartedly endorse PaymentOnline.com for anyone in need of top-notch payment services for their website. Their efficiency, exceptional customer support, transparent pricing, innovative solutions, and unwavering commitment to security make them the ideal choice. Thank you, PaymentOnline.com, for your exceptional services – you have truly transformed the way my business has been working and a great debt of gratitude for Richard Maitland and Sally as they have been wonderful!.
The customer support at Payment Online is unparalleled. Whenever I've had a question or needed assistance, their knowledgeable and friendly support team was readily available to help. They are patient, understanding, and incredibly professional, making problem-solving a breeze. They email support is just incredible. They ask great questions in the process of solving the problem. They are quick and efficient with the help. Thank you.
I cannot express how delighted I am with the outstanding services provided by Paymentonline. From the moment I signed up, their team has gone above and beyond to ensure my business's financial transactions run seamlessly on my website. Josh, our support guy, is very proactive. At first I thought their prices are a bit more expensive, but now I am delighted to have signed up with them.
Payment Online company excels in efficiency and reliability. Transactions are processed swiftly, and I have never experienced any downtime. This level of consistency is invaluable for any business, and they truly deliver on their promise of reliability. Their system is simple to use, easy to learn, yet lots and lots of features and always someone to help you use it. Thank you folks for helpin g us out all the time.
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