Blurring the lines of traditional ecommerce
The line that separated physical and online commerce continues to blur as businesses bring in new and innovative ways of facilitating consumer demand, both current and future Consumers have adapted to new and innovative payment methods like contactless, facilitating P2P (peer-to-peer) payments, hybrid shopping, and cross-border shopping, treating them as the norm. Picture: Getty When it comes to how much ecommerce has changed in recent times, Joachim Goyvaerts, director of Benelux and Ireland at PayPal, is clear about how unprecedented it is.
“You don’t just see it in consumer demand, but also in organisations,” he said. “There’s the war for talent, supply chain challenges, and on the forefront are new consumer behaviours like new channels and touchpoint experiences that they’re interested in.”
With the pace of change accelerating, it’s a challenging time for retailers who are keeping up with both new technological developments and consumers’ expectations.
Consumers have adapted to new and innovative payment methods like contactless, facilitating P2P (peer-to-peer) payments, hybrid shopping, and cross-border shopping, treating them as the norm.
In particular, cross-border shopping is a growing development as research from Statista found. In the US, Britain, Australia and Germany, more than four in ten online shoppers surveyed said that shopping more online during the pandemic increased their willingness to consider cross-border ecommerce purchases.
Goyvaerts references that 60 per cent of payments were done in cash more than 12 years ago, whereas now 60 per cent of transactions are done by card.
As the pandemic helped expose consumers to new payment methods, there’s a critical need for both depth and flexibility of merchant services to be offered by payment providers.
The good news is that providers like PayPal, which has more than 1.8 million active users in Ireland, are keeping up and are adapting to present and future needs.To emphasise this, a recent study carried […]
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