5 Trends in Ecommerce Payments You Should Be Aware Of
ECommerce payments are always changing; from the introduction of POS systems to improved security systems, how customers pay for their online purchases will continue to evolve as the technology changes. If you’re an eCommerce seller, you’ll want to be aware of these five trends in the eCommerce world, so you don’t fall behind the curve. Keep reading to learn more about the changes and what’s to come.
1. Multi-Channel Selling
The bottom line is that if your eCommerce store isn’t selling on a mobile platform, you’re cheating yourself out of a lot of business. Mobile platforms are slowly taking over, with millions of consumers looking to make purchases via their mobile devices instead of a web browser. This makes having your own app a must for the coming years; it simply isn’t an option any longer!
Last year’s Cyber Monday online sales topped $7.9 billion dollars in revenue. Yes, you read that correctly-seven billion. With such impressive sales numbers, it’s a wonder that every eCommerce site doesn’t already have their own mobile app. At the very least, you should ensure that your site is as mobile-friendly as it can possibly get, so your mobile customers aren’t left out.
Mobile payments are set to only increase in the future, so if you haven’t made multi-channel selling a priority yet, now is the time to do so! Don’t let your eCommerce site fall behind the competition and lose out on precious sales because of an inability to adapt. Things are changing, and in order to thrive, your site must change as well.
2. Better POS Systems
There are already dozens of POS systems available for eCommerce sites, but we’re certain to see an influx of newcomers with the demand for secure payment processing systems on the rise. You can leverage your POS system for much more than just payment processing, making it one of the best tools your eCommerce site can have in its corner.
As cybercrimes increase and payment methods continue to change, the demand for secure systems to meet these needs becomes more prevalent. Established brands like Vend HQ and Square POS are already among the best in the business, providing secure POS systems and hardware to their customers for affordable prices.
3. Subscription Sales are Climbing
Subscription services such as monthly boxes are on the rise, and many eCommerce sites are making the switch to subscription-based models. A monthly subscription service ensures that customers can still receive their favorite items without having to log in each month and reorder. They’ll be able to choose from several different subscription lengths, giving them more customization and better overall user experience.
The market itself is said to have risen almost 800% in just five years, making it one of the fastest-growing markets in the world. Why do people love subscription boxes so much? Because they’re convenient, easy to order, and there’s a subscription box for just about any interest or hobby!
Depending on the items you sell on your eCommerce site, you can make the switch to providing subscription services alongside your normal lineup, or moving to a solely subscription-based service. It’s a good idea to ask your customers how they would feel about such a switch before diving in, though.
4. Cyber Attacks are Prompting Better Security
From ransomware to identity and credit card theft, cyber-attacks are on the rise. As these hackers continue to steal personal information and wreak havoc among even the biggest names in retail (like Target), the demand for secure payment platforms increases. To avoid consumers’ potential return to cash transactions, eCommerce sites are taking increased measures to ensure the safety of their checkout process and storage services.
Security badges are a must for any eCommerce site. There’s a chance that customers will disengage with a site altogether if it doesn’t have any security badges; making it incredibly difficult to meet your sales quotas.
Security should be your top priority, not only for the customers but also for the sake of your reputation. Good security measures will help current and potential customers trust your brand, making it more likely that they’ll purchase your products.
5. Global Reach
As payment methods improve, the borders separating nations seem to disappear in the financial world. Sites like PayPal have long been the leaders in nation-to-nation payments, but now, even POS systems are working to make global payments happen.
Global reach is certain to increase the overall sales of eCommerce sites and bring about a new era of visibility. Imagine being able to sell to anyone, anywhere in the world, without having to worry about currency issues! We’ll probably be seeing the rise of cryptocurrencies in the online world as well, which, by nature, don’t have restrictions based on political and national borders.
