Just a few clicks separate the buyer from buying your product. But for him to make these clicks, you need to work hard. According to the Statista website, 69 percent of market users believe that by 2022 APIs will become the leading retail payment technology.
Here are some key moments from the future of Retail Payments:
1. Machine learning
Forbes notes that machine learning-based retail software can categorize millions of products from multiple retailers and categorize them for customers in seconds, making it easier than ever to find and compare products.
Such audience targeting helps companies significantly increase engagement. Target now uses sophisticated machine learning algorithms that analyze customer data to predict demand for a broader range of products.
2. Augmented reality
Modern shopping is not only looking at goods. Buyers want to see and represent their purchases more clearly.
Thanks to augmented reality technology, shopping provides an immersive experience that allows consumers to feel the product without even touching it. AR has been a hot trend in retail in 2021 and will not lose its value in 2022.
In 2022, AR technology will drive the development of the industry. It not only creates an entertaining and gaming experience for your customers but also provides several benefits:
- Improved visualization of products.
- Increasing brand awareness
- Reducing the number of returns
- Great competitive advantage
- Custom user content
- Improved store navigation
3. Omnichannel shopping
Online stores are the future, but not enough to close offline for good. For now, retail and e-commerce should coexist.
Benefits of omnichannel shopping:
- Increasing customer engagement
- Increase your overall sales profit
- Improve customer support services
- Scale Audience
- Be flexible
4. Robotization of processes
Robotic process automation is one of the retail trends in 2022 that helps streamline workflow in stores and warehouses. The RPA applies to various retail sectors, including healthcare and pharmaceuticals, banking, furniture, apparel, and hardware. Here are some of the everyday use cases for RPA trends in retail:
RPA solutions allow you to create comprehensive real-time reports based on several factors, such as product or customer data.
5. Uninterrupted payments
The payment process in online retail is an essential but not always easy task. The main problem that specialists in the field are working on now is how to move from purchases with many clicks to purchases with one click. After all, about 40% of customers leave assets in the basket due to the complex checkout process. Massive loss for online retail!
There are three popular ways to pay with your checking account online: link your checking account to the bank, link your checking account to PayPal, or make shopping on online stores that accept eCheck payment.
A smoother transaction process could help reduce abandoned carts, along with measures such as increased personalization of the experience.
Integrating loyalty into the payment process is another must-have as retailers seek to make sense of digitally acquired customer data.
Future technologies surround us in all spheres of life, and the field of online retail is no exception. Moreover, today the winner in the market is the one who quickly adapts to the needs of customers and pays attention to current trends. Some companies hire a business analysis service to find their weaknesses and adapt to modern solutions. And this is a good step if you want to win in the competition in the retail market.