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. Read more
With the country fast growing into an economic powerhouse, this comes as little surprise – with eMarketer’s research showing the enormous figure dwarfed the 150 million online buyers in America.
According to their research paper “China Ecommerce: A Developing Marker Begins to Boom”, by 2016 423.4 million Chinese people over the age of 14 will be using the internet to do shopping online at least once a year.
This growth is also expected to be reflected in the business to consumer ecommerce sales the country makes, with a rise to almost $107.5 billion expected this year.
This is a huge amount which is 94.1% higher than recorded last year, and one that could see the Chinese ecommerce market rapidly overtake the Japanese market and even possibly dislodge the UK as number two in the world by 2013. However experts predict this spurt of growth will slow down by 2016 to around 22.8%.
At present China is currently ranked fourth globally in regards to ecommerce sales. Read more
The National Retail Foundation (NRF) forecasted an increase of 4.1 percent in holiday sales, to $586.1 billion. It’s a small increase from 2011 and works out to the average holiday shopper spending $749.51 this season.
“Weve seen this pattern of cautious optimism all year and despite the challenges that still exist in our economy, it looks as if consumers are eager to celebrate with friends and family, said NRF President and CEO Matthew Shay.
With this in mind, the NRF breaks down the potential spending like this. They see $421.82 being spent on children and other family members. Friends might see $75.13 of that spending. Beloved pets and community members, $28.13, while co-workers rate $23.48 in gift spending.
It’s better to be Fido rather than Dwight, apparently. It’s also good to be the giver, as NRF found nearly six in ten shoppers plan to drop $139.92 on themselves this holiday season.
We have mentioned in earlier stories about the rise in smartphones gaining prominence in shopping habits. Ecommerce professionals take note: NRF says more than half of smartphone owners, and nearly two-thirds of tablet toting consumers, will use their gadgets to research and make holiday purchases.
If you can offer those shoppers gift cards of some type, you will be right where many want to be as gift recipients. NRF said six in ten of those surveyed would like a gift card as a present. They prefer these even more than the expected wishes for electronics, clothing, or jewelry.
This post originally appeared on ‘Ecommerce Bytes‘