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Top 10 eCommerce and Payment Trends to Look for

Top 10 eCommerce and Payment Trends to Look for

eCommerce is one of the fastest-growing industries in the world. It has also grown exponentially in revenue, especially with the advent of mobile devices and other internet-enabled devices for shopping. Even though eCommerce continues to grow, it will undergo some changes this year as a result of new technologies and payment trends that are emerging at a rapid pace.

Omnichannel will be the norm.

Today, eCommerce is about omnichannel and the ability to provide customers with a seamless experience across all devices. This means that consumers can shop from any device—mobile phone, laptop or desktop computer—and receive the same excellent service no matter where they are or what device they use to browse products.

Your customers are shopping everywhere, expecting you to provide a seamless experience—whether browsing products on your website or checking out at a brick-and-mortar store. As a merchant, you need to have an omnichannel strategy in place. It also means that as a payment processor, you must offer eCommerce capabilities through all channels (e.g., mobile apps and desktop software).

For eCommerce retailers, omnichannel is all about customer convenience. Customers want to shop on their terms and choose how to interact with you. They're willing to go through the trouble of travelling from store to store or device to device, depending on what they need at that moment in time.

For example, suppose you have an online shopping cart but can't complete a purchase because of inventory issues (or any other reason). In that case, customers may be less likely to revisit your site than if you offered them the ability to place an order over the phone or in person. But by offering multiple channels and methods of payment, there's no reason why anyone should leave empty-handed.

In addition, omnichannel is the wave of the future for eCommerce retailers. It's a way to provide a seamless shopping experience, keep customers engaged, and provide the correct information at the right time. Omnichannel is not just about technology. It is a convenient way for customers to shop wherever and whenever they want.

Consumers will want more payment options.

Ecommerce Payment Options

Consumers will want more payment options. As consumers become more comfortable with e-commerce, they want to make their buying experience as quick and convenient as possible. That means that the number of payment options available to them will rise in tandem with the growth of online shopping itself.

The rise of smartphones has made it easier for consumers to shop on the go. However, only some businesses offer an optimised app or mobile website for these devices. In other words: They're missing out on potential sales because their customers need help to complete transactions through their preferred channel.

Recurring Payments become essential.

Recurring payments are one of the most critical trends in eCommerce, and they're becoming even more important as consumers spend more time on mobile devices. In addition, recurring payments help predict cash flow. Predicting cash flow is challenging for some businesses since they need to know when their customers will get paid (aside from monthly subscriptions). 

This means there may not be enough money coming in at certain times during the month—which can lead to cash flow issues if those gaps aren't filled by other sources such as credit cards or online payments like PayPal (which isn't always an option). When you use Shopify Payments instead of another company like PayPal or Stripe/Stripe Checkout (which doesn't support recurring payments either), these problems disappear completely since all your incoming income comes directly through us instead of being dispersed between multiple companies whom each take their cut before passing along what's left over – leaving nothing for yourself or your employees which could potentially lead them into financial trouble during certain months where incomes might not cover expenses.

Hence, recurring payments can help businesses get paid much faster. This means business owners can put more money back into their business or invest in new equipment or technology. Suppose a business is using a service like Shopify Payments. In that case, it will be even more accessible because all recurring payments are automatically processed through Shopify without any additional work required from you.

In this trend, we see a shift toward a subscription-based model rather than a one-time purchase. It makes sense: a recurring payment allows you to offer valuable services or products at an affordable price over time.

In addition to being convenient for customers, recurring payments, for example, MYOB direct debit, can help you increase your revenue. They also provide a way to minimise refunds and chargebacks by reducing customer cancellations after they've already paid for something once.

Machine learning and AI are developing all the time.

AI and machine learning are currently being implemented in many ways. Machine learning and artificial intelligence are two of the most talked about and essential topics in the eCommerce world. They aren't just buzzwords, either: machine learning has been used for decades to analyse data, predict trends and make recommendations for billions of users worldwide. 

Using AI in customer service can help improve customer and business experience. For example, by using AI technologies such as natural language processing (NLP), companies can provide a more personalised customer experience. If a customer asks a question about products or services on your website, AI can analyse their inquiry and provide relevant answers from your database of product information.

Additionally, AI programs make payments more accessible and faster than ever, with minimal human interaction. 

For example, one company uses an algorithm called “automated decisions”, which enables them to process credit card transactions with only a 1% error rate compared with 2% for humans alone. Similarly, impressive results have been seen when retailers use Apple Pay or Google Pay. These mobile payment apps allow users to tap their phone against an NFC-enabled point-of-sale system at checkout instead of having them swipe a physical card through it (which requires both times spent entering their PIN or signing their name).

Accordingly, Machine Learning and AI can help you detect fraudulent activities such as credit card fraud and identity theft. It is used for fraud detection in many industries, including eCommerce, retail and banking. Fraudsters use machine learning to create bots that mimic human behaviour online to steal money from people or businesses by committing different types of fraud, such as invoice fraud or payment card fraud. Be one step ahead and avoid potential problems and scams by understanding the terms of invoice payment

Think about it this way: if you have a website or app where customers pay for goods using their credit cards, you need to implement measures that protect users from becoming victims of these threats.

Moreover, Predictive analytics is a form of machine learning that uses historical data to make predictions. You can use predictive analytics to predict customer behaviour, product demand, and other business intelligence metrics. In e-commerce, predictive analytics relies on your customers' history with your business and preferences to determine which products they'll buy next. 

For example, if you are an online clothing store, you should know whether women who purchase red dresses also tend to buy red shoes. That way, when one woman purchases a pair of shoes from you but doesn't complete her order by buying the dress she was looking at, your system could quickly suggest this complementary product using predictive analytics.

Another example is if you are an online electronics company whose customers typically spend $300-$500 on average per purchase during Black Friday weekend (when most retailers offer steep discounts). Then, during this event and several days leading up, you might want to send special promotions via email or text message promoting products that fall within these price ranges instead of showcasing everything else available on the site because it will increase sales revenue for those specific items only.

Digital currency may become more widespread.

Digital currency is a form of currency that is electronically stored and transferred. It's not physical but can be used to buy goods and services. Digital currencies are also known as crypto or virtual currencies because they operate on a secure network that uses cryptography for security. No government or central bank backs them. Instead, they're supported by their users' confidence in the system and the value of their holdings.

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The main reason that people are starting to use digital currencies is that it's a lot more convenient than carrying cash or credit cards around with you. You can also leave your money in your account and not have to worry about it being stolen by hackers or lost through theft (it's also handy for trips when there's no need to exchange currencies).

Moreover, with digital currency, there are no worries about someone stealing your hard-earned money from you through fraud or other means (unless they gain access to your private keys).

Shortly, you'll begin to see more businesses accept digital currency. If you're unfamiliar with it, digital currency is used as a medium of exchange for goods and services. It exists as an alternative to traditional physical cash and is not controlled by any government or central bank. The value of a digital currency can change rapidly. Still, it's not legal tender like paper money — meaning that the government won't take it out of circulation if it loses popularity.

Mobile payment trends will continue to grow.

Ecommerce Mobile Payments Trend

Mobile payments are convenient for both merchants and consumers. They're a breeze for customers, as all you need to do is tap your phone on the payment terminal, and it's done. The process is also easy for merchants, who don't have to worry about keeping change on hand or printing receipts.

Mobile payments are safe, secure, and easy to use. They're safer than cash because of their electronic nature; there's no chance of stealing someone else's money by using your card at an ATM or getting your wallet stolen somewhere public like that coffee shop you always go to.

They're secure because they use encryption technology that keeps transactions private between two parties so other people cannot access them. This prevents fraudsters from hacking into your account remotely through malware installed on computers or phones connected nearby when making purchases online through sites like Amazon, where purchases are made quickly with few questions asked (like “is this real?”). 

You can also use biometrics such as fingerprint readers, which only allow access if someone gets past those security measures first – meaning if someone tries stealing yours because they know what brand name it has but not how many digits might be printed inside its plastic casing then they won't be able to get past these protections without being detected.

More Internet of Things (IoT) devices will be used to make payments.

The current user experience could be better. Most IoT payment devices are used to make payments in a minimal number of places, such as retail stores and vending machines. The number of users for these devices is still small because they are not widely available; you need to search for specific items that accept your card or device.

However, the number of IoT devices will continue to grow as more people use them for everyday tasks, including payments. These devices include smartwatches, smartphones and smart speakers.

Due to their ubiquity, these products will be used to make payments using voice commands or other methods (such as activating a payment app).

Despite these limitations, the future of IoT payments looks bright. Newer technologies like tokenisation are set to increase the number of places where payments can be made with IoT devices while also making them more secure by replacing sensitive data with tokens representing each transaction instead of transmitting the actual data itself.

All in all, the Internet of Things (IoT) has the potential to change payment processing. IoT devices could provide payment companies with customer data and make payments more convenient. 

However, a few issues still need to be addressed before IoT payments become common. Privacy concerns may hinder the adoption of IoT payments, while security and privacy issues must be resolved before they're widely used in retail stores or restaurants.

Biometric authentication methods will become more popular.

Biometric Authentication

Biometric authentication is used in eCommerce to verify a customer's identity and make sure they are who they are. This is because it provides an extra layer of security compared to traditional password-based authentication techniques such as usernames/passwords or PINs (e.g., debit/credit card numbers). 

The main reason for this increased level of safety is that biometrics use physical traits that cannot be stolen or copied, like traditional passwords, which can be stolen electronically. There are a few biometric authentication methods that are commonly used in the eCommerce industry, 


Fingerprint scanning is the most commonly used biometric authentication method. This technology scans your fingerprint and compares it to a template stored in a database. It's fast, easy to use and cost-effective, making it an ideal option for e-commerce retailers looking to provide extra security without sacrificing speed or convenience for their customers.

Fingerprint scanning is used on mobile devices such as smartphones and tablets, laptops, desktops and other devices with built-in fingerprint readers (such as some Dell computers).

Iris Scanning

Iris scanning is the most accurate and secure biometric authentication method. It can be used to authenticate an individual in eCommerce and identify them. This advanced technology can verify a person based on their iris pattern, which is unique to each individual.

Iris scanning also provides highly accurate authentication because each person's iris has a distinct pattern that another person cannot replicate. The only way someone else could access your account would be to have your eye scanned by an authorised biometrically equipped device.

Iris scanners have become the preferred method of authentication due to their ability to identify people accurately while also keeping out fraudsters and hackers who try disguising themselves with fake IDs or stolen credit cards when shopping online or over mobile apps like Apple Pay (e-commerce).

Facial Recognition

Facial recognition is a biometric authentication method using computer software to identify a person based on physical characteristics. It is most commonly used in security systems and law enforcement. Facial recognition software can verify an individual's identity by comparing selected facial features with those stored in a database.

For example, if your employer wanted to ensure that only authorised employees could enter the office building after hours, they would need to verify their identity using a facial recognition scanner at the entrance gate.


Voiceprint authentication is a way of identifying a person based on their voice. It can be used to identify a user and provide access to services such as eCommerce, banking and healthcare.

Unlike fingerprints, which are unique to each individual but change over time due to ageing and environmental factors like smoking or drinking alcohol, voice prints are more stable and less likely to change over time. This makes them ideal for biometric authentication systems where permanence is required. Voiceprints also have the advantage of being more accessible than other types of biometrics, such as retina scans or even fingerprints, due to their ease of use; users speak into a microphone instead of having their entire body scanned for identification purposes.

Heartbeat detection (ECG)

ECG is a method of authentication that measures the heart's electrical activity. It is based on the premise that each person's heartbeat is unique and can be used as an authenticator since it is improbable that anyone else would have precisely the same heartbeat pattern. This makes ECG an ideal solution for eCommerce environments where users typically have access to high-end devices such as smartphones or tablets, which have built-in sensors capable of measuring a user's pulse (via optical or infrared light).

One significant benefit of this method is that it doesn't require physical contact with the user. Another advantage lies in its non-invasive nature; no probes need to be attached to your body to authenticate yourself using this technology.

Blockchain technology will play a more prominent role in payments.

Blockchain Technology Ecommerce Trends

Blockchain is a distributed ledger technology that can store and exchange information securely, transparently and efficiently. It's also known as the “internet of value.” Blockchain technology has been used to store sensitive data such as digital identities, medical records and financial transactions. Blockchain may be widely used for payments in the future due to its speed and security benefits compared with other payment methods like credit cards or checks.

The future holds many exciting developments for merchants and consumers alike.

 As we move into 2023 and beyond, many exciting developments are on the horizon for merchants and consumers alike.  

You may have noticed that, in recent years, the payments industry has been experiencing many changes. New technologies are coming out daily, making paying for things more convenient and secure. Merchants will also see new opportunities as consumers look for more flexible payment options.


With so many factors involved, it's easy for things to go wrong. However, it's still a good idea to look at eCommerce and payment trends now so you can be prepared when they become a reality. Suppose you are already working in eCommerce or are thinking about getting into it soon. These trends will help keep your business ahead of the pack when they eventually become popular enough for everyone else to catch on.

Author Bio: Patrick Watt is a content writer, writing in several areas, primarily business growth, value creation, M&A, and finance. Other interests also include content marketing and self-development. Say hi to Patrick on Twitter @patrickwattpat.

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Stuart Crawford

Stuart Crawford is an award-winning creative director and brand strategist with over 15 years of experience building memorable and influential brands. As Creative Director at Inkbot Design, a leading branding agency, Stuart oversees all creative projects and ensures each client receives a customised brand strategy and visual identity.

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