The global online consumer payments market is forecast to continue its strong growth, with m-commerce and developing payments markets expected to drive much of this. Interoperability will become critical to success as m-commerce, e-commerce, and offline all become integrated into merchant strategies. The industry must also be aware of the barriers to growth and how to deal with them.
Gain an understanding of how the e-commerce and m-commerce markets will grow in the next five years and what factors will drive this growth.
Learn what strategies will meet the demands of the increasingly complex market and which competitors are likely to remain strong.
Discover the major barriers to consumer engagement in online commerce from Verdict Financial's consumer data and how to tackle them.
What will the online consumer payments market look like five years from now?
What strategies will meet with success, and what will be likely to be out-competed as the market changes?
What will be needed to overcome consumer concerns about the online shopping experience and the risk of fraud?
What will be the main drivers of growth in the online market?
Growth in online commerce will come primarily from emerging payments markets as more consumers gain access to the internet. E-commerce and m-commerce growth will be driven by different forces: e-commerce will be driven by high-value purchases, while m-commerce growth will come from smaller purchases and digital downloads in particular.
Cards will be slowly replaced tools designed for online commerce such as digital wallets and online banking e-payment (OBeP) schemes. As the market grows, partnerships between providers will become increasingly critical in cross-border online commerce, and in creating wide-ranging, interoperable payment services.
The largest barriers to consumer engagement in online commerce are consumer preferences and concerns over security. The industry should be looking to create services which are secure and create a positive user experience, though there is a balance to be struck as these factors can oppose one another.