If 2020 taught us anything, it’s that we need to be quick to adapt to the changing needs of today’s consumer. For retailers who want to survive this time of uncertainty, it’s never been more important to implement a customer-first strategy.
COVID-19 has accelerated the need for a variety of new payment methods like mobile wallets, contactless payments, buy now pay later (BNPL) and installment methods. To keep pace with consumer demand this year, retailers must provide their customers with the most relevant payment options so buyers can zip through checkout and have a frictionless payment experience.
While we saw new innovations accelerate in the payments space last year, these three following trends will be the most important ones that will push the industry forward and be crucial for retailers to prioritize in their payments strategy.
To say that businesses had to be flexible last year would be an understatement. So many aspects of our daily lives have been turned on their heads over these past 11 months. Businesses had to quickly pivot on a dime to stay afloat. With so many personally and financially impacted by COVID-19, consumers have made it clear that the way customers pay for goods or services can no longer follow a one-size-fits all approach.
For obvious reasons, COVID-19 has highlighted the popularity of contactless payments, and has accelerated innovation in the tech payments space. Not only are contactless payments here to stay for safety reasons, but this form also brings a convenience element as well. No longer do consumers need to fumble through overcrowded purses or wallets to find the exact credit card or dollar bills to pay for their items, and can simply wave a device to complete the transaction.
We’ve also seen this expand beyond just retailers, proving the value this brings to both businesses and customers alike. Restaurants and hotels have also started adapting these offerings to allow customers to pay for their meals or lodging. This year, we’ll continue to see new industries integrate contactless options into their offerings.
2020 taught us how easy it can be to connect with each other digitally, and we’ve seen a number of industries undergo massive digital transformation. The retail and payments industries are no exception, and we’ve seen an increase in all transactions from buyers at eBay.
In general, the ecommerce industry has seen online sales grow 44% year over year, which might be the one silver lining during this challenging environment. While this shift to digital is inevitable, retailers adapting to ecommerce also need to ensure they’re still accessible for all consumers, as many consumers are increasingly looking to shop across borders. By offering global payment options based on geographic demand, retailers can cater and appeal to a wider array of customers within the U.S. and beyond, and potentially increase their bottom lines.
At the end of the day, it’s all about the basics - the idea of knowing your customers and how to best serve their needs. Payments are at the core of today’s modern marketplace, and as we move into what will hopefully be a very different year, retailers will need to continue innovating their payments strategy to stay competitive in the market and open the door for new opportunities.
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March 05, 2021 at 12:01PM
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