From September onwards, many important dates are expected to boost retail sales, starting with Customer Day (15/09), followed by Children's Day (12/10), Black Friday (25/11), Christmas and New Year.
There's no doubt that e-commerce will continue to see sales growth as we've seen in recent semesters. According to the Brazilian E-Commerce Association (Abcomm), the sector could close 2022 with net revenue of up to R$ 165 billion.
In fact, a pertinent topic at the moment is investing in the growing demand for multiple payment options. With customers becoming ever more demanding, an important trend for the next few years in the consumer's online shopping journey is to make the experience ever more optimized, fluid and unified, which includes payment methods.
In this article we'll look at digital payments, which are growing rapidly and are beginning to replace the use of paper bills and coins.
A global survey by VISA Back to Business shows that 971% of Brazilian consumers will continue to use digital payments much more than they did in 2021. Around 581% of Brazilian small businesses said that they already operate or intend to operate without cash from the coming months. 501% of consumers said in the survey that they intend to abandon the use of banknotes and coins.
Will physical money disappear?
It's too early to say whether physical cash will simply disappear. But experts say the trend is for it to be replaced by digital payments.
We're not talking about just one form of payment, but other emerging formats that should impact e-commerce, such as the consolidation of Pix, the e-wallets (digital wallets), the contactless (payments via biometrics or facial recognition), m-commerce (via mobile devices), digital currencies and cryptocurrencies.
How do you guarantee security and experience in the purchasing journey?
For the consumer to have an excellent shopping experience, companies will need to invest more and more in well-defined identity verification and fraud prevention strategies in order to keep the customer confident in the consumer platform.
A survey carried out in the first half of this year by Capterra, a software comparison platform, with 1,024 people from various regions of Brazil, found that 58% of the respondents said they were afraid of being scammed and 48% said they didn't feel comfortable sharing their personal data.
Companies are realizing that diversifying payment models, offering agility, transparency and security are key factors in building customer loyalty.
Even if a sale is approved in seconds, there are a series of complex checks behind it, which guarantee the suitability and reliability of that purchase. This process involves artificial intelligence and data analysis of that business model (e-commerce and its customers) to assess whether the cardholder's credit card, for example, has been cloned or stolen. Anti-fraud carries out various checks to ensure that the purchase is safe.
How to reduce the high cart abandonment rate?
But in this purchasing journey, there are several factors that still challenge digital entrepreneurs, including the high rate of cart abandonment, meaning that the final moment of a sale may not happen.
In online shopping, this rate is higher than in physical stores and is linked to a series of factors that have to do with high shipping, complex and time-consuming forms, the value of the order not being enough for free shipping, distrust of the sales site, system instability, technical faults and, yes, limited means of payment.
In order not to frustrate your customer when it comes to completing the purchase, check out our six tips for converting an abandoned shopping cart into a completed purchase:
- Try to offer free and fast shipping;
- Bet on strategy remarketing;
- Optimize your site's checkout;
- Show customer testimonials;
- Offer a FAQ and online customer service;
- Expand your payment methods.
Is your business ready for the trends in digital payment methods? A Social Digital Commerce has numerous solutions for implementing different payment methods for your online store, as well as state-of-the-art technology, professionals specialized in logistics and the most modern operational management systems on the market. Get in touch contact us and let's talk!
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