Industry participants are trying to set themselves apart, while consumers and retailers want new methods to pay for their purchases. As eCommerce remains as competitive as ever, a flawless payment experience is becoming more and more crucial to both consumers and businesses.
We explore what the innovation in online payments has in store for all industry participants with the help of the business executives that attended Signifyd’s FLOW Summit 2022, which included approximately 300 eCommerce professionals debating the present status and future vision.
Industry experts are grasping the chance as they see the potential of payments for revenue optimization. The excitement and creativity of online payments are a perfect fit for the brand-new eCommerce environment. User-friendly payment innovation is increasingly a significant driver in eCommerce consumer behaviours as a result of customers’ demands for greater flexibility.
S&P Global Market Intelligence found that merchants lose out on $16.3 billion in revenue each year as a result of erroneous declines and $20.1 billion as a result of consumers’ chosen payment methods not being allowed on shops’ websites.
A best-in-class fraud solution might be useful to merchants in maximising payments and maximising income. The chance is present in the middle of the shopping trip. Client desire for quicker and more customised delivery will drive up fulfilment costs even as customer acquisition prices rise. By enhancing user experience and streamlining checkout and payments, value may be increased.