01:41 PM – Thursday 18 May 2023
A new study from Juniper ResearchThe volume of e-commerce transactions will reach $8 trillion by 2027, with emerging markets growing by 51%.
As e-commerce continues to outperform traditional commerce, new and advanced payment systems will enable users to access more opportunities for sellers in this field, and e-commerce payment systems receive electronic payments over the Internet, with the aim of providing maximum efficiency and ease to the consumer.
With the increasing choice available to consumers and the complexities of integrating several payment methods, e-commerce sellers must offer the most attractive payment methods to their customers. Based on their definition of goals, merchants should choose the methods that best support their goals, such as services BNPL (Buy now, pay later) to increase average order value.
Study author Kara Malone points out that e-commerce service providers must better understand their audience, offer the payment options customers desire and remove unwanted options. In fact, that means working with e-commerce payment platforms that understand and support the most common payment types. In each country, and knowing how these differ by industry and target audience, this understanding can greatly improve the checkout experience.
The study encourages e-commerce payment service providers to offer control panels and data visualizations to their small and medium customers. Currently, small and medium business owners lack access to good customer analytics, and this data can shed light on the purchasing behaviors of consumers, as well as provide insights into the popularity of payment methods and fraud, and e-commerce payment service providers can differentiate their portfolio in a competitive and homogeneous market by providing services additional for small and medium business owners.
