As the world continues to progress in technological advancements, our need for a predominantly digital world rises. Certain aspects of our lifestyles have evolved to meet these needs. This includes consumer buying options that are now limited. With the current pandemic, COVID—19 has already significantly impacted many industries across the globe. The eCommerce digital payment market is no different. Although industries such as supply chain or retail have suffered, it doesn’t seem to be the case for the eCommerce digital payment industry. The eCommerce payment market is actually expected to increase by approximately $113.68 billion in the years 2020 to 2024. What could be causing this exponential growth? Find out what factors have inspired this market to expand.
Factors Contributing To Digital Payment Growth
Technological Advancements
As mentioned, technology has advanced. The use of mobile devices has made its way into every aspect of our lives. We use phones and computers for work, communication, research and so on. While social media and mobile apps are some of the main driving factors promoting mobile device usage. It’s no wonder why businesses want to manipulate this opportunity to their advantage. Online marketing tactics have changed consisting of sponsorships and using online influences to encourage consumer buying behaviour. This ultimately has created more online interactions and transactions – benefiting the eCommerce digital payment world.
Increased eCommerce Sites
Most brick-and-mortar stores have opted for eCommerce options in conjunction with their physical store. Whereas some stores have completely dismissed the idea of a physical store altogether. Besides cutting employee costs and other expenses, an eCommerce store helps businesses reach new and greater markets. Products that can only be purchased in stores by local customers can now be offered across the globe all due to online payment methods. With resources such as Squarespace, Woo Commerce and Shopify available, creating your own eCommerce site has never been easier. Now, based on estimations there are at least 24 million eCommerce sites across the world. This has all led to the growth of eCommerce digital payments.
Blitz Payment Solutions
While technology continues to improve, eCommerce sites will continue to be prevalent. Target markets will continue to spend more through online shopping. More consumers will be utilizing online payment methods and the market will continue to increase. Projected growth in the eCommerce digital payment world can result in different methods of expansion for your own business. Especially during difficult times such as these, businesses can’t afford to go about new strategies while lacking experience. Consult with a professional today at Blitz Payment Solutions. Digital Payments are transforming the way consumers interact with eCommerce retailers in Canada. As a leader in payment solutions, Blitz Payments can help you provide your customers with access to a foray of payment options in an evolving digital landscape, contact us today.
