Opinion | The next shopping revolution: how we pay increasingly decides whether we buy at all
- The rise of local payment platforms, especially mobile apps, is driving increasingly reflexive, spontaneous buying behaviour. Merchants serving a global clientele must tap these systems if they are to thrive
Gone are the days of in-store or online. Retail commerce – even in-store – has transformed almost completely into digital commerce, the term used to describe the blend of online and offline commerce that we all enjoy today.
Whether it is the purchases themselves or the payment methods used to facilitate them, digital platforms are now an integral part of the retail experience.
This has empowered brands with global aspirations to scale up quickly across regions, reach new markets and gain market share. But it goes without saying that this is easier said than done.
However, in more established economies, these factors have enabled a range of transactions and payment methods that we now recognise as e-commerce – but it has evolved at different stages in different regions, with some markets witnessing a more competitive e-commerce landscape than others.
To claim their slice of the pie, businesses of all sizes and industries need to match their payment capabilities to the regions in which they operate, ensuring the solution matches the target market, and is sensitive to its complexities and nuances.