The payment trends taking shape for 2024 reflect the enormous impact of the global pandemic affecting us.
The sudden and rapid development of the web, notably thanks to major advances in accessibility, forced buyers to turn to online commerce, and many businesses were compelled to quickly evolve their model toward online sales to meet growing demand.
At the close of this dark year, businesses must be ready to face and adapt to disruptions that will not end tomorrow in order to stay competitive.
1. Buy now / pay later
The Gen Z reshape the way retail commerce works by demanding that their preferences be respected. One of the main areas of focus is financial flexibility.
It turns out this group favors flexibility and values happiness over wealth, and they appear to be maintaining savings—something not always seen with previous generations. All of these elements are reflected in their shopping habits.
The “Buy Now, Pay Later” concept is increasingly popular: this trend can both boost sales and increase customer loyalty.
The trend is even starting to become normalized across all demographic categories, with the average customer age in the early thirties. It drives sales for many retailers because consumers are more likely to add more items to their cart knowing they can repay gradually over time.
2023 therefore saw the growth of immediate purchase and deferred payment services like AfterPay, Klarna, Affirm and Sezzle. This trend did not escape established payment players, as demonstrated by the launch by giant PayPal of Pay in 4 installments ".
Also read : E-commerce: how to choose the right payment solution?
2. Enhanced authentication
Credit card data—account number, security code and expiration date—along with the cardholder’s name and even address can be bought on the dark web for as little as $1 per account. These data are then distributed by sophisticated fraud networks, posing a massive threat to consumers as well as merchants, for whom fraudulent purchases result in an unjustified depletion of stock that can later lead to products being unavailable for sale.
With this increased focus on cybercrime issues, preventive measures are expected to appear.
It is necessary to have a fraud management solution to reduce the number of fraudulent orders recorded by online stores.
New authentication protocols will emerge: this form of fraud protection determines the identity of the device user by analyzing three sources:
- The user's offline data : the name, the address, the landline phone number, and the email address;
- The user's online data : theIP address, the cookie identifier or a mobile phone number, even the advertising ID assigned to their smartphone are used to identify the user;
- Data from the user's device, such as IP behavior or the presence of a VPN, use of the Tor browser…
This type of authentication is imperceptible to consumers, and therefore extremely convenient: without affecting the user experience, it provides an additional guarantee to the merchant.
3. Mobile payments
Mobile payments are considered one of the most significant changes in the high-tech world. 2024 will see even greater growth in mobile payments thanks to Samsung Pay, Google Pay and Apple PayAll banks now accept them as a payment method.
But the trend goes much further: today, consumers want to be able to take out their phone, just as they take out their bank card, to pay for an in-store purchase. Merchants who are still reluctant to accept "mobile" payments may come to regret it before rushing to adopt them.
4. Cryptocurrency payments in 2024
Gradually, cryptocurrencies are becoming mainstream and many sites accept these currencies: NordVPN, ShowroomPrivé.com, Decathlon, Shopify, UNICEF, Wikipedia…
Considered a payment method of the future, it’s time to think about adopting it on your e-commerce site. With the growing number of services offering this payment, it seems this new payment method will become mainstream and essential for any e-commerce site.
Given the constant development of this currency, we must consider the relevance of adding this payment method, on the same level of importance as bank cards or mobile payments.
Also read: Blockchain, cryptocurrency, bitcoin: what are the differences?
5. Chatbot payments
Another trend concerns payment via chatbot.
Given their playful nature and availability, these online agents can guide consumers in their purchases… up to initiating the payment.
Taco Bell, Oui.SNCF, Subway, Lufthansa, 1-800-Flowers… several companies already offer this service. Clearly, this payment method is on trend, especially since 85% of customer–business interactions will involve the use of a chatbot in 2024.
Also read: 5 ways to use chatbots on Facebook Messenger
6. Omnichannel payments in 2024
The purchasing journey is now omnichannel. Consumers start with the mobile and finish their purchases on a computer. Sometimes they start by researching on their PC before going to a store. They may also order via a mobile app and go to a pickup point to pay and collect their products.
It is essential to opt for a true omnichannel payment strategy to increase sales. The ability to reduce the number of intermediaries by allowing the customer to pay directly in the company's app is increasingly attractive.
This is particularly interesting for restaurants and cafés that offer click and collect " (or home delivery), popularized since the pandemic, not to mention businesses that require major loyalty efforts, such as gas stations, for example.
Creating your own app also serves to open a direct communication channel with the customer. It allows them to complete the entire purchase process independently. As a bonus, such an app can include loyalty tools like points cards or discount vouchers.
Also read : 7 tips to boost sales on your Shopify store
Our tip
A wide range of possibilities that the pandemic and technological advances have made necessary and that should enjoy considerable success in 2024.
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