Retailers continue to navigate the digital disruption; however, the ongoing pandemic does not make things any easier. Exchanging cash for goods is happening less and less as shoppers are turning more to online shopping. In fact, Worldpay’s recent Retail Global Payments Report forecasts cash to account for only a fifth of all POS purchases and less than 5% of online retail purchases by 2023. The study also finds that digital/ mobile wallets will account for 57% of all global online retail spending in less than 3 years.
Lockdown has now encouraged consumers to interact with retailers and their communities through social media. Some retailers have been able to convert what was seen more as a marketing tool initially, into a sales channel. The payment process may be the key piece to make this conversion happen, and retailers who are ready can help shoppers to avoid the clunky payment redirects that increase dropouts when the payment process is not seamless.
How are payment models and trends changing the way people shop? How has COVID impacted your eCommerce revenues? How can you remain relevant despite the several disruptions?
Join Worldpay and a select group of your industry peers as we discuss your challenges and how to pivot and adapt to address the unforeseen future.