One of the most interesting parts of being a payment service provider is identifying future trends and helping the businesses we work with evolve their offerings not just to keep up, but to better align with their customers’ spending habits and streamline the overall payments process.
This year is no different. 2018 is just around the corner, and with it will come the further development of existing payment trends and the likely introduction of new ones. The internet, connected mobile technology and the growth of wearables is changing the very face of commerce, and businesses could be missing out on trade by ignoring the payment methods used by their customers.
Working with a consultative payment services provider can help you to discover more about how your customers are paying for products now, throughout 2018 and beyond.
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So, what do we believe the future holds as a payment service provider, and what trends should businesses be looking out for in 2018? We believe there will be:
- A greater emphasis on voice: Globally, 81 million wireless speakers were predicted to be sold over the course of 2017, with the category expanding by 84% up to 2021 according to Euromonitor International. That includes devices such as Google Home and Amazon Echo; expect more and more customers to use voice technology as part of their purchasing habits over the course of 2018
- Chatbots will be embraced: Chatbots are already being adopted by brands to help them increase sales over social media platforms. Customers can order pizzas through Domino’s Facebook Messenger bot for instance. Businesses are set to try and build stronger customer relationships with chatbot strategies and will also use them to speed up the sales process
- More diversity in mobile wallets: It’s interesting as a payment service provider to see mobile trends. Two-thirds of digital purchases in 2016 were mobile-based according to Euromonitor International, with desktop computers taking less prominence than ever before. We expect to see more fintech providers introduce more diverse digital wallets to make people’s lives easier than ever before over 2018
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Those are just some of the advancing trends and changes we believe we’ll see over the course of 2018. On the surface, some business may be scared by the prospects of some of them. Will AI chatbots and voice-activated sales mean a total overhaul of their operations?
Not at all, and for some they may just need a couple of changes to their online presence to see greater customer traction. At it’s core, it’s essential to offer secure transactions, be transparent in your dealings and work with your customers to ascertain what payment methods are easiest for them and how you can improve as a business.
Fibonatix is an experienced payment service provider, working with businesses of all shapes and sizes across all industries to better serve their customers, streamline their internal financial systems and take the weight of financial regulations and compliance from their shoulders.
Fibonatix also offers payment charges as low as 1.5% compared against Paypal’s 3.5%. Contact our consultants today to find out more.