Ecommerce is big business across the globe, with a higher percentage of consumers making online purchases than ever before. To help boost sales, online retailers have had to improve their payment systems. Checkout processes have become smoother, more secure, and easier than ever as a result. Looking forward into the future of ecommerce, consumers can expect an even wider range of payment options. Point of sale software will be accompanied by an increase in mobile commerce capabilities, and an ever-widening channel of payment gateways to help boost sales.
Trends in Mobile Commerce
One of the biggest trends at the moment is mobile commerce. As more and more consumers make purchases using their smartphones and tablets, payment technology has improved for these devices. Mobile payments allow consumers to make impulse buys when they’re out and about, and are often tied in with special discount offers. One example of this is the use of quick response codes, which allow a customer to scan barcodes in a retail location using their phone and then be directed to a voucher or discount. This is a way for retailers to help bridge the gap between a traditional shopping experience and the convenience of online shopping. Retailers are also optimizing their ecommerce websites for use on tablet screens.
Near Field Communications
New models of smartphones are equipped with near field communication, which allows them to exchange information over a wireless network with retailers. This will help change the way that consumers can shop, by enabling payments with a simple swipe of the mobile phone. The PayPass system is a new collaboration between corporate giants Intel and MasterCard. Although still in development, it will eventually allow consumers to make an online purchase by tapping their phone to the computer. This could not only streamline payment systems, but also provide an added layer of security to the transaction because credit card details wouldn’t need to be shared.
Increased Safety Features
Although over 4 out of 5 consumers have made online purchases, one of the issues that drive some customers away from online shopping is the fear of fraud. Fraud protection and security systems continue to improve with technological advances. Major ecommerce platforms like Shopify payment gateways have a number of built-in security features, making it easy for small retailers to enable secure payments directly on their websites. A new technology that has been introduced is the ability for a consumer to verify their credit card via webcam, using secure video streaming. For those last holdouts who have avoided online shopping out of a fear of credit card fraud, this may give added buyer confidence.
Consumers are always in search of security, convenience, and added perks when they complete a transaction. As ecommerce payment technology continues to grow and provide more of these qualities, online retailers can expect to see their sales strengthen in the year to come.