Small and emerging businesses have begun to use electronic payment in financial transactions to facilitate their dealings with their customers. We will show the most important electronic payment trends that help retailers develop their business.
Electronic Payment Trends
It refers to payment services operated under financial regulation and performed from or via a mobile device. This technology allows two electronic devices like a smartphone and a payment terminal placed a short distance apart to exchange data, enabling mobile payment options such as Apple Pay and Samsung Pay.
To pay with your mobile device at a store’s checkout counter, hold your device close to the NFC-enabled payments terminal. Since there’s no physical contact between your device and the payments reader, mobile wallet payments are often referred to as contactless payments.
Consumers are looking for an easy and secure online shopping experience that retailers can offer through modern technology. Using easy-to-use applications that allow customers to create shopping lists, check inventory availability within the store, and see the latest sales on items related to their recent shopping history.
Supermarkets also offer online payment options such as credit cards or debit cards to their users by making purchases through their stores.
Online buying has become a global trend that has forced retailers to expand their online activities to reach the highest number of target audiences. So buying online has become a way for many consumers to be comfortable and secure. So we may see that electronic payment has been significantly affected by online purchases.
It is a rewards program offered by a company to customers who frequently make purchases. A loyalty program may give a customer free merchandise, rewards, coupons, or even advance released products. only 42 per cent of people enrolled in traditional loyalty programs actively use them. Types of Customer Loyalty Programs:
- Point Program.
- Spend Program.
- Tiered Program.
- Paid Program.
- Value-based Program.
- Partnered Program.
- Game Program.
- Hybrid Loyalty Programs.
It is used as a point of sale. Business owners know that to generate sales, knowing their target market and finding a way to engage and establish a relationship with them is essential. Social media also allows business owners to know what people are saying about their own brand as well as their competitor’s. Ways to Drive Sales on Social Media:
- Be Where Your Audience Is.
- Work with Social Media Influencers.
- Turn Loyal Customers into Brand Advocates.
- Share User-Generated Content.
- Create Valuable Content to Educate and Entice Your Audience.
- Invest in Social Media Advertising.
- Use Rich Pins and Buyable Pins to Simplify Purchase Process.
Another trend that is promising to change how we pay in the future is voice commerce. Though yet it’s labelled as ‘coming soon’, it has the potential to transform the entire fintech landscape. According to a trusted source, more than $150 billion will be spent via voice commands in 2018. Over the next 2 years, 30 billion IoT and connected devices will join the internet and create new payment channels. 8% of people already use voice commands to buy something online or make a money transfer. By 2022, this number is expected to grow into 31% of U.S. adults.
an average customer spends 11 hours online daily, taking the most out of ‘instant’ put right at his fingertips. Since technologies always move forward, credit cards are no longer enough for an average user. That’s the reason card-to-cloud transition may happen in the nearest future.