The innovations digital payments have provided across all industries have particularly affected the world of retail. The lightning speed at which payments process nowadays has accelerated customer traffic, in addition to the added conveniences like tap to pay and buy now pay later services.

This rapid growth has only facilitated retail industries’ inevitable clash with the payments sector, which are now chasing the same customers. Fueled by many new businesses being established as a junction between retail and eCommerce.  This in turn has doubled two already very saturated markets.  In addition to inflation, motivated by customers’ expending their influx of disposable post-pandemic income on either in-person or online retail purchases. Subsequently driving up margins, prices, and profitability amongst these industries that were set to capitalize on this new innovative payment technology.

Between unprecedently high margins and a doubled-up industry, in-person retail businesses must exploit multiple different avenues of digital payment innovation to motivate traffic toward their smaller businesses. Multiple trends have materialized as retail businesses seek to meet these expectations.

Continued Digital Payment Integration

Nothing is stopping the further integration and overall societal adaption of digital payment options. After the introduction of smartphones, the usability and convenience of NFC token technology to securely facilitate payments became unignorable to any consumer. With major companies like Apple and Google establishing now two of the most commonly used digital wallets, not integrating digital payment options for your business simply leaves you in the past.

Payment Expediency

The ability to receive payments on an immediate basis is extremely enticing for both a business and its payment processor. While a customer’s card may be charged at the time of purchase, the business and the processor won’t receive that payment until about one or two days after. In stark contrast, P2P platforms like Venmo and PayPal facilitate payments in a matter of minutes.

Retailers Establishing Branded Payment Solutions

If you can’t beat them, join them. Many retailers are tackling their clash with the eCommerce payments space head-on, by establishing their own branded payment solutions. Offering digital payment options as a product opens up two extremely ripe avenues to motivate both sales and customer retention.

This trend can be incredibly difficult to integrate and even maintain, a robust knowledge of the nuanced nature of payments is key to navigating such a complicated but rewarding avenue for income.

Furthered Integration of Buy Now Pay Later Services

The major spread of buy now pay later services has provided consumers the opportunity to buy things they never thought they could. Those held back by a lack of good credit or long loan applications can now buy those lofty purchases in just four easy installments.

It has risen some cause for alarm, with some worrying that the accessibility of the service is fostering a generation ignorant of debt. However, some feel it’s simply offering them the opportunity to learn about these more serious debt payments, by providing them an opportunity to securely and accurately pay a large sum over a long period.

The Race for The Super App

Everyone wants to be the new Amazon, a “Super App” a one-stop shop that accommodates and fulfills multiple consumers’ needs, facilitating multiple and often endless avenues for profit. They want to establish a consistent dialogue and routine between themselves and their customer. Asking questions like, “Are you purchasing a couple of random household items from amazon? Well, why not buy some groceries for same-day delivery, all while watching a new Amazon Prime original? “

The potential for your company to be valued in the multi-millions while simultaneously holding trillions of dollars in market capitalization has all companies across all markets racing to be the next big super app. Becoming a self-sufficient ecosystem, where all apps and vendors come to you to distribute multiple types of products and media doesn’t ensure relevance, it guarantees it.

The Importance of Understanding Retail Trends

Retail payment patterns are essential as they often paint a likely picture of the future and continued preferences of your customer base, especially if it satisfies a particular need. The necessity for digital payments to accommodate multiple facets of your business seamlessly will shape the retail industry for years, as did past innovations. So, it’s incredibly necessary to remain vigilant, follow these trends as they grow, and discover the best ways to implement them into your business.

If you’re struggling in establishing or tracking digital payment trends in your retail business, contact us at RevitPay. Were a payment services provider equipped with the knowledge to help assess your ripest areas for digital integration, or simply consult on how these digital trends can further the evolution of your retail business.