Leading trends are mobile shopping, AI and maximum payment simplification.
Artificial intelligence is enhancing customer service and further developing mobile application purchases, simplifying and accelerating payments. Today’s e-commerce leverages also the fact that customers are almost always online and strives for their loyalty using the latest technological innovations.
The role of mobile payments in e-commerce continues to grow, with 70% of online shoppers in Czechia already shopping via mobile, and even more using their phones to browse products and interact with their favourite brands, including via social media. And along with this, mobile payments through services such as Apple Pay and Google Pay or quick payment buttons are also growing in popularity.
With the rising popularity of m-commerce, companies should not hesitate to introduce one-click payments. Quick payments directly on mobile devices simplify the shopping process for users and increase the percentage of completed purchases. Complex payment processes or limited payment options are where merchants lose the most customers. Therefore, they are increasingly adopting simplified payment methods that can be executed instantly without the hassle of entering card details.
In a competitive e-commerce environment with often poor customer loyalty, quickly developing AI opens new opportunities. It improves the quality and speed of customer service and has great potential in analysing customer preferences and shopping habits. Using AI to personalize the shopping process and product recommendations significantly enhances the overall customer experience, strengthens customer loyalty, and increases the average order value.
Push for improving the customer experience is also reflected in the variety of payment methods offered. In addition to speeding up the process, the range of payment options highlights the growing popularity of deferred payments. According to Deloitte data, so called BNPL payment methods are expected to have an 11% market share across Europe by 2025.
Staggered payments with no uplift, popular for more expensive purchases, are also noteworthy. From a merchant’s perspective, both deferred and staggered payments must be set up to bring the convenience to the customer and support sales growth. As with other payment methods, the key is to ensure these payments are secure, intuitive, fast, and relevant to shoppers in the area.
Focus on cross-border sales is certainly a trend in e-commerce. It’s estimated that revenue from cross-border e-commerce will grow twice as fast as domestic e-commerce sales in the coming years. For e-tailers, limiting themselves to one market could mean a noticeable decline in growth rates. Hence, cross-border sales should definitely be part of retailers’ long-term strategies.
For effective cross-border e-commerce, it’s crucial to localize payments, not only by offering payments in the buyer’s currency but also by adapting payment methods to local customs and needs. Adapting to local payment preferences helps sellers build trust and significantly increase conversion, number of transactions and customer loyalty.
The rapid development of e-commerce presents huge growth potential but also requires constant innovation to meet new customer needs. E-shops need strong partners to help them respond to these challenges and grow their businesses.
One of the integral parts of any e-shop is the payment gateway, so the merchants should be very cautious when choosing the right provider. Payment is a critical moment in the purchasing process that can determine a merchant’s success or failure. It’s essential to ensure that the payment gateway provides top-notch security, high reliability, and intuitive, fast payments, always offering methods that suit local needs and practices.