FIS Modern Banking Platform
Advance your bank with a modern core platform.
2020 Global Payments Report: 5 takeaways for enterprise retailers
March 23, 2020
Are you looking for the latest trends in commerce? Do you know how to best connect with the next generation of consumers? The 2020 Global Payments Report outlines the biggest trends driving change in commerce today. The report also gives you an in depth look into how your customers prefer to pay, online and in-store.
We help enterprise businesses navigate the payment pathways that help anchor customer relationships across today’s omnichannel touchpoints. We look at payments from a global and regional level, and dive into analysis of payments in 40 select countries from Argentina to Vietnam. Our payment experts then look beyond the numbers to offer insights on today’s trends. We’ll also help you understand how you can apply these insights to your business.
If you’re ready to explore the trends driving changes in commerce, you’ll want to dive in. Here’s a few key takeaways from this year’s report.
Digital payments continue to change how people pay in-store
Mobile wallets like Apple Pay and Samsung Pay continue to spark change at the point of sale by making checkout faster, safer, and more convenient. While mobile wallets will be the leading POS payment method globally by 2023, North American consumers will still favor traditional payment methods such as credit and debit cards. But that doesn’t mean there isn’t wide adoption of mobile and digital wallets. Millions of consumers are using them on a daily basis, especially online. Activating acceptance of digital and mobile wallets is crucial to bridge consistency between the instore and online experience.
The lines continue to blur between online and in-store
Payments are often tracked between channels, but consumers are generally focused on the end result rather than the channel where they’re making the purchase. Convenience is typically the deciding factor for how a consumer prefers to shop. And they expect consistency and convenience whether they visit a store, stay online, or find a middle ground between the two. For instance, as buy online, pick up instore becomes more and more prevalent, consumers are looking for retailers to make it easy. That means the payment should be nearly invisible. With so many alternative payment methods available, it’s becoming easier to do just that.
The next generation of shoppers are looking for personalization from brands
Today’s teenagers and young adults are the first generation of digital natives, yet that’s only the beginning of what makes Gen Z distinctive. Gen Z shoppers gravitate to brands that are transparent about values, that seek to understand them as individuals, and that deliver exceptionally personalized service. We explore how enterprises that can individualize at scale can gain the trust and loyalty of a new generation of shoppers.
Instant payment schemes will open up new doors for payment methods
Alternative payment methods go beyond just mobile and digital wallets. Additional options like buy now pay later and bank transfer are also changing the payments world. Open banking initiatives are bringing a new wave of change to the payments industry and with it, an additional alternative payment method for retailers to consider: account to account payments. These payments have existed for a while in peer to peer relationships and the ACH network, but open new doors for retailers in the form of cost savings. Real time payments could set new habits in how consumers prefer to pay businesses.
New technologies are advancing how AI is being utilized for payments
Advancements in the interfaces that allow humans and computers to communicate are sparking change in how we can purchase items online and engage with some brands. Improvements to artificial intelligence allow us to literally interact with voice assistants; from having them tell us jokes, to playing music, to asking for our favorite coffee to reordered. Smart speakers have become a part of our everyday lives. The rise of voice assistants has opened the door to making purchases using only our voices, but the commercial potential remains largely untapped. Further advancements in security and identifying what customers want from a voice only search will predict future success.
Growing your enterprise audience starts with understanding how best to connect with your potential customers. Discover how shoppers around the world engage with retailers at the most critical intersection—the payment.
Download the 2020 Global Payments Report to learn more about the trends driving change in commerce.