E-commerce: Five Payment Trends In 2021 Part One
The payment trends emerging for 2021 reflect the enormous impact of the global pandemic affecting us.
COVID-19 has forced shoppers to turn to e-commerce, many businesses have been forced to rapidly evolve their model to e-commerce, to meet growing demand.
In the twilight of this dark year, companies must be prepared to face and adapt to the disruptions in order to remain in the competition.
Buy Now / Pay Later
The Gen Z reshapes the operation of retail by requiring that their preferences be respected. One of the main areas of focus is financial flexibility.
It turns out that this generation favors flexibility, as well as happiness in relation to wealth, and seems to maintain savings, which we do not see with previous generations. All these elements are reflected in their shopping habits.
The “Buy Now, Pay Later” concept is becoming more and more popular, and this trend can increase both sales and customer loyalty.
The trend is even starting to normalize for all demographic categories, with the average age of clients in their early thirties.
It stimulates sales for many retailers as consumers are more likely to add more items, like aesthetic self ink stamp to their shopping cart knowing that they will have the option to pay it back gradually over time.
Credit card information such as account number, cryptogram and expiry date, as well as the name and even address of the holder can be purchased on the dark web for only $1 per account.
This data is then disseminated through sophisticated fraud networks, which pose a massive threat to consumers, such as merchants for whom fraudulent purchases result in a “for nothing” drop. of their stock, which sometimes results in products not available for sale.
With this increased focus on cybercrime issues, preventive measures are expected to emerge. A fraud management solution is needed to reduce the number of fraudulent orders registered by online stores.