Online Payments in the United States…
From 2013 to 2017, online payments in the US have grown 4 times as much as retail payments.
Can you imagine how much online payments have risen since the start of COVID? Not only are we inching toward a cashless society, but we're also on the fast track to a e-commerce explosion. Just look at how much Amazons growth skyrocketed during the pandemic.
Take a moment to think the way we shop. How often do you visit a travel agent to plan your vacation? Negative. You instead visit Pinterest or Instagram to check out destinations and then pull the trigger at Expedia, LastMinuteVacations.com, etc. What about grocery shopping? Surely we ought to pick out our own vegetables? Not quite. With options such as Instacart and so many delivery options these days like DoorDash, we no longer have to leave the comfort of our own home to scavenge for food. And what about clothing, you say? Most people during the pandemic say that they haven't changed out of their sweatpants in two years! (I am not confirming or denying that's me :) But for those of you wanting new shirts and sneakers - how do you know the size is right for you? Fortunately for those not ready to venture out to shopping plazas and malls, Amazon offers free returns and exchanges, allowing you to purchase just about every size there is so you can see which fits your fancy and then simply return what you don't want. Even UPS has a pick up option at your door. How's that immediate gratification and never leaving your beloved fortress?
With a world of ever upgrading options to obtain anything and everything you'd ever need, the one common necessity you need to swipe and collect... is a 3.37 inches by 2.125 inch card. A credit card, a debit card, or Paypal - some type of electronic means of transaction.
That means as a business, its important to stay ahead of the curve and always be prepared for all forms of payment. While the world is constantly changing, e-commerce is one thing that never stops evolving!
How equipped are you in keeping up with online payments?