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Digital Commerce: Majority of Businesses are Actively Investing in New, Improved Payments Technologies, Checkout.com Survey Reveals

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Checkout.com reveals that their research finds efforts to promote environmental sustainability, mitigate fraud and “unlock new growth channels” which should help define e-commerce in 2022.

Checkout.com writes in a blog post that they’ve witnessed “an explosion” in digital commerce growth in recent years. And that trend should continue in 2022, “with global ecommerce sales estimated to reach upwards of $5.5 trillion.”

As noted by Checkout.com:

“Powering growth will be the continued consumer adoption of digital commerce that we’ve seen unfold in the past 18 months. However, this year will also be when ecommerce brands embrace this moment of transformation to build new business models with digital payments at their core.”

Checkout.com reveals that it surveyed more than 1,000 European e-commerce businesses and 8,500 consumers.

They’ve now shared the “powerful” trends they uncovered that are “set to shape ecommerce and payments in the next 12 months.”

Sustainability is “critical for both businesses and consumers”

According to Checkout.com’s research, 2022 looks “set to be the year that sustainable commerce becomes the norm.” Their research finds that 41% of merchants have “put environmental sustainability and ethical supply chains at the very top of their 2022 priority list.”

The company clarified that this is “not only to meet the demand of the increasingly climate-conscious consumer — 73% prefer to purchase from sustainable brands.” It’s also because businesses “recognize a changing climate poses a significant risk to their bottom line,” the team at Checkout.com noted while adding that “a fifth of businesses told us climate risks, such as a fire or flooding, pose a threat in 2022.”

Unlocking “new channels of commerce”

Consumers are increasingly “exploring new ways to engage with their favorite brands, especially through social media platforms.” And, in 2022, 40% of businesses tell the firm that they’re “investing in improving their social commerce offering to meet this demand.”

Despite the great potential social commerce presents, the firm’s data finds brands “must be considered in their approach.” The research shows there’s “creeping consumer skepticism about the veracity of brands paraded on their feeds, as well as concerns around how social platforms are using their data.”

Best-in-class payments performance

As noted by Checkout.com

“Optimized payments should be at the heart of every ecommerce strategy. Yet, historically, they’ve often been an afterthought. But this is changing. Our research finds 68% of businesses are actively investing in new and improved payments technologies.”

The firm added:

“Driving this investment is a growing appreciation of how an optimized payment flow captures more sales at the checkout, while also protecting the bottom line from fraud and chargebacks. Businesses also tell us they recognize payments are critical to any ambition to land and expand in new markets.”

To check out the complete e-commerce trends survey/report, check here.