Post Pandemic Era Trends In Online Payments


Revel Blog | Jake Rheude | May 31, 2022 |

payment trends Featured

Trends In Online Payments You Need To Be Mindful Of In The Post Pandemic Era

It’s pretty evident that the ways of online shopping will only progress in the post-pandemic era. With 82 percent of Americans using digital payments, it’s vital for a business to continue seeking out online payment trends to accommodate the growing number of online shoppers. 

Since the start of the pandemic, we have seen numerous online shopping trends come into play. Many trends have established themselves and are here to stay. For your eCommerce business, it’s important to find payment trends that will elevate your business to the next level. 

Online payment trends

As we start to journey into the post-pandemic area, we need to understand what people expect when shopping online. With offerings like same-day delivery and in-store pickups, the urge for immediate gratification has spilled over to online payments. We also see a trend of ease appearing in shopping habits, both online and in-store. With 15 percent of digital wallet users opting to leave their physical cards at home, eCommerce businesses can adapt their online payments to provide ease to their customers. Learn how to provide immediate gratification and ease for customers with these online payment trends.

Digital wallets 

Digital wallets are financial transaction applications that run on mobile devices. They are becoming the ideal form of payment for someone seeking convenience. Digital wallets increased dramatically at the start of 2020, and it has continued to grow in popularity since then. With an estimated 4.4 billion global consumers using a digital wallet by 2023, it is vital for businesses to look into ways to accept digital wallet payments in-store and online. To do this, your eCommerce business needs to incorporate a POS software that can support this feature.

QR codes

QR codes have been utilized in a variety of ways. From inventory tracking to marketing, QR codes have made operating eCommerce businesses easier. However, it has gained popularity in another use, online payments. By scanning a QR code, consumers are now able to complete a purchase instantly, and businesses can create a contactless experience. As it continues to grow in numbers, it is smart to jump on this trend sooner rather than later. Look into software like Revel SmartPay to help you get started in accepting online payments through QR codes.

Learn more about Revel SmartPay

Buy now, pay later (BNPL)

One of the biggest trends to appear during this pandemic is the ability to buy now and pay later. Apps like AfterPay and Affirm have created a sense of ease for customers who want to pay for big purchases in monthly installments. In 2021, nearly $100 billion in retail purchases were made using BNPL. This is a smart area to look for broader support and functionality from payment services. And with the percentage of Gen Zers increasing their BNPL usage from 6% in 2019 to 36% in 2021, this trend is continuously growing and is here to stay. 

Returning customers vs guests checkout

Optimizing your site to autofill for returning customers can offer convenience to your consumers upon purchasing. Skipping the tedious forms that are normally associated with purchasing products can provide a quick checkout. However, it’s important to look into security before implementing this feature. As you start to save customer information, it’s vital to keep their information private. 

On the other hand, the ability to skip creating an account at checkout for first-time buyers can be stress relief and reduce cart abandonment. This option does take a hit on lead generation, but it is a good idea to leave it as an option upon checkout. 

Integrations

There are many different integrations your business can implement to stay on trend with online payments. For example, online shopping through social media can create a quick and easy purchase experience for consumers. Instagram has shortened the path to purchase — giving the opportunity for businesses to accept purchases with a few taps.

Companies like Shopify provide integrations to connect social media purchases with a business fulfillment company. Specific software integrations can send fulfillment companies your customers' order details as they happen — creating a faster buying experience. 

Conclusion

As we’ve seen the increase in online shopping forcing companies to think of innovative ways to catch up, the post-pandemic era of online payments has created new trends for eCommerce businesses. With digital wallet and BNPL being in the top five of online payments in the U.S., it’s vital for businesses to adapt to these trends to stay relevant amongst online consumers. And with an estimated 2.14 billion people worldwide expected to shop online, it’s important for eCommerce businesses to constantly evolve to match the increasing demand. 

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Jake Rheude is the Vice President of Marketing for Red Stag Fulfillment, an eCommerce fulfillment warehouse that was born out of eCommerce. He has years of experience in eCommerce and business development. In his free time, Jake enjoys reading about business and sharing his own experience with others.