E-retail
77% of Customers Bid Online Shopping Goodbye if Preferred Payment Method is Absent
In the cut-throat world of online commerce, an expansive network is key for businesses wanting to grow their footprint. But delivering a variety of payment options without compromising on efficiency is a real struggle.
In the competitive world of eCommerce, having extensive networks like marketplaces and aggregators is a boon for businesses on a growth trajectory. However, the uphill task of delivering a multitude of payment methods without jeopardizing smooth operations persists.
A recent report by PYMNTS Intelligence, in collaboration with Spreedly, titled “The Orchestrated Platform: Why Payments Orchestration Isn’t Only for Merchants,” outlined how payments orchestration has emerged as a key solution. It enables platforms to efficiently manage intricate payment systems and bolster merchant relationships.
Escalating Need for Diverse Payment Avenues
Platforms are under increasing pressure to accommodate a broad array of payment methods. Local payment methods are predicted to represent 58% of global eCommerce transactions by 2028, up from 47% in 2023. This trend is mainly fueled by the popularity of account-to-account (A2A) payments, which are anticipated to account for 18% of all transaction volumes by 2028, up from 8% in 2023.
Given the rising demand for varied payment methods, platforms must evolve to ensure that their merchant partners can provide customers with their preferred payment methods. A staggering 77% of consumers suggested they would ditch their shopping carts if their chosen payment options were not available. This highlights the importance of effective payments orchestration to facilitate transactions across differing platforms and maintain customer satisfaction.
Simplifying Payments Integration for Platforms
The integration of multiple Payment Service Providers (PSPs) into platforms can be a tough challenge. Platforms often lack the resources to foster relationships with each merchant’s existing PSP while also offering a wide array of payment gateways. The report reveals that 80% of firms face difficulty identifying the reasons for payment failures, which leads to increased operational expenses and employee workloads.
Payments orchestration lightens this load by offering a unified solution that enables platforms to onboard new merchants quickly and efficiently. Having access to a variety of payment gateways and compliance with multiple regulatory frameworks allows platforms to focus on expanding their operations rather than being mired in individual payment processing issues. This ability significantly minimizes the risk of payment declines, which cost U.S. businesses an estimated $81 billion last year due to false declines.
Spreading the Benefits Beyond the Sphere of eCommerce
Payment orchestration provides value not only to traditional eCommerce but also to nonprofits, unions, and similar organizations needing to aggregate payments, donations, or dues. These entities typically have limited IT resources, making the seamless integration of multiple payment gateways a necessity for effective fundraising and member engagement. This orchestration notably reduces the time required to onboard new payment methods, enhancing operational efficiency and enabling organizations to focus on their primary objectives.
Payment orchestration enhances platforms’ competitive edge by speeding up onboarding and providing access to diverse payment methods. This not only attracts more merchants but also ensures compliance with international regulations, vital for global growth. As platforms grapple with intricate currencies and payment methods, orchestration enables them to tread confidently into new markets while offering a seamless experience for merchants and customers.
In the face of increasing demand for diverse payment options, payments orchestration becomes indispensable for platforms in the ever-evolving eCommerce landscape. By simplifying integrations and enhancing the merchant experience, platforms can stimulate growth, enhance customer satisfaction, and cultivate enduring partnerships, positioning themselves as pioneers in innovative payment solutions.
E-retail
Cost-Cutting Tactics: Boosting Your Revenue in the 2024 Fintech Industry
Unearthing Powerful Financial Solutions in the Digital Age
In the fast-paced world of 2024, the Fintech industry stands out as a domain undergoing significant transformation. Businesses within this sector are always on the hunt for strategies that can not only increase their revenue streams but also optimize their cost structures.
Harnessing Fintech’s Growth While Controlling Costs
To ensure sustainable growth, businesses must focus on managing their expenses as efficiently as they handle their revenue. One area to consider is leveraging technology. Technological advancements can offer cost-saving benefits by automating routine tasks, mitigating risks, and enhancing the speed and efficiency of transactions.
Another significant area involves optimizing human resources. Prioritize staff training to equip your team with the necessary skills to navigate the ever-changing Fintech landscape. Converting traditional roles into more tech-oriented positions can significantly reduce overhead costs in the long run.
Rethinking Operating Models
The shift towards digital solutions also calls for a review and modification of existing operational models. Rigid, outdated models could prove costly compared to the more agile and digitally-enabled operations. By switching to cloud-based services, businesses can drastically cut down on infrastructure and maintenance costs.
Benefitting from Strategic Partnerships
Forming strategic partnerships also pose an excellent opportunity for cost reduction. Tapping into alliances with other Fintech firms or traditional financial institutions can decrease development costs and share risks.
Embracing Regulatory Technology (RegTech)
Investment in RegTech can bring significant cost savings through improved compliance processes and reduced fines. By swiftly adapting to regulatory changes, businesses can avoid expensive penalties and even litigation.
Conclusion
The Fintech industry of 2024 offers incredible opportunities for revenue generation. However, the key to sustainable growth lies in balancing revenue increase with strategic cost-cutting. Through technological advancements, operational modifications, strategic partnerships, and embracing RegTech, businesses within this sector can cut costs effectively while simultaneously boosting their bottom lines.
E-retail
Max Money Media Gears Up for the Astounding Money20/20 Conference in Las Vegas
An Exciting Journey Awaits
The team at Max Money Media is thrilled to announce our upcoming participation in the highly anticipated Money20/20 Conference, which will be happening from the 28th to 30th of October, 2024 in Las Vegas.
Money20/20 – Where Technology and Finance Intersect
Money20/20 is an outstanding platform where the most innovative and influential people in the fintech industry gather. We eagerly anticipate the opportunity to engage with other industry leaders, gaining insights and exploring potential collaborations that could reshape the future of finance.
Why We’re Excited
Our enthusiasm for attending Money20/20 is uncontainable! We are looking forward to an enriching experience of learning, networking, and success. This event will provide us an excellent opportunity to exchange ideas with the brightest minds in the industry, fostering partnerships that will take us to the next level.
Expectations from Money20/20
We seek to bring back valuable insights and market trends from Money20/20 that will help us to continue delivering top-notch financial media solutions. Brace yourself for the fantastic and groundbreaking innovations that we are planning to introduce soon after this event.
Las Vegas Awaits Us!
The fast-paced, high-energy environment of Las Vegas is the perfect backdrop for Money20/20. We’re ready to soak in the atmosphere, dive into deep discussions about the future of finance, and make the most of this incredible opportunity. See you in Vegas!
E-retail
The Global Ecommerce Summit 2024: Shaping the Future of Digital Commerce
The recently concluded three-day Ecommerce Summit 2024 showcased the future of digital commerce, bringing together industry leaders, entrepreneurs, and innovators across the world. The event underscored emerging trends, cutting-edge technologies, and new strategies defining the ever-evolving world of ecommerce.
One of the most significant takeaways from the summit was the pivotal role of personalization in digital commerce. With buyers increasingly seeking tailored experiences, brands investing in AI-driven personalization engines are emerging victorious, showcasing improved customer loyalty, higher conversion rates, and increased retention.
The summit also emphasized the ascension of social commerce with platforms like Pinterest, Instagram, and TikTok becoming more than just product discovery channels. The seamless in-app purchases and influencer partnerships are expected to drive exponential growth in social commerce in 2024.
AI and automation were spotlighted as keys to ecommerce efficiency, aiding businesses in streamlining operations, reducing manual tasks, and optimizing supply chains. The introduction of omnichannel strategies highlighted the continued blurring of lines between digital and physical shopping experiences, with integration of online and offline experiences becoming crucial to meet customer expectations.
Another key topic was the importance of sustainability in ecommerce, reflecting consumers’ growing awareness of environmental impact. Brands adopting sustainable practices are not only meeting customer expectations but gaining a competitive edge in an environmentally concerned world.
The summit also spotlighted the increasing importance of fast fulfillment, with solutions like AI-driven supply chain and micro-warehousing management making rapid delivery a reality. And with customer experience emerging as a central theme, businesses are realizing the importance of exceeding customer expectations at every interaction, from browsing to after-sales service.
The event highlighted the rapidly evolving payment landscape, digital wallets, buy now, pay later options, and cryptocurrency payments were signaled as the future of ecommerce payments. With data privacy and security being the cornerstone of ecommerce, brands prioritizing data security are likely to earn and retain customer loyalty.
In the evolving landscape of ecommerce, the power of influencer marketing continues to be a core strategy with micro-influencers driving higher engagement and conversion rates. The Ecommerce Summit 2024 underlined the fact that ecommerce’s future lies in creating seamless, personalized, and efficient shopping experiences – keys to business success in 2024 and beyond.
