Global Payments Report says consumer choice not just influencing but dictating the future of commerce.
Posted on in Business News
Worldpay’s 2024 Global Payments Report has revealed a transformative shift where consumer choice is not just influencing but dictating the future of commerce.
As digital wallets and buy now, pay later (BNPL) options redefine shopping experiences, the report says that businesses worldwide are learning that flexibility and diversity in payment options are no longer just perks, but are essential for survival.
The new report also highlights the remarkable growth of digital wallets and how they have become a top preference for online transactions. Digital wallets have recently seen a significant surge, capturing 50% of global ecommerce transactions. The report says that the trend shows that consumers are increasingly seek convenience, security and speed in their transactions. Digital wallets simplify the buying process and allow users to shop across borders with ease, making them a popular choice for today’s global consumers.
The Global Payments Report also highlights how the rise of Buy Now, Pay Later (BNPL) has become increasingly significant in the retail market. As consumer spending becomes more deliberate and budget conscious, BNPL, it says, offers an attractive alternative to traditional credit, allowing consumers to manage their finances without compromising their purchasing power. This method has proven especially popular among millennials and Gen Z consumers who value flexibility and minimal financial strain.
The report says that, for retailers, the message is clear: diversifying payment options is crucial to meeting consumer expectations, and that retailers need to strategise effectively. By accepting a range of payment methods, retailers can improve customer satisfaction, expand their customer base and adapt to the ever-changing nature of global commerce.
The report finds that the use of digital payment methods will continue to grow and innovations in this area are expected to further revolutionise the retail industry. It says that businesses should take heed and seek to understand and adapt to emerging technologies and stay updated with regulatory changes.
This, it says, will help companies become leaders in the fast-evolving world of global payments, ensuring retailers can provide and process payments efficiently, using the process and platform that their consumers prefer.