Weighing the increase in the use of advanced technologies such as mobile payments and digital wallets and the high adoption of cloud technology by organizations, the global payment gateways market will progress remarkably over the next four years.
UK-based Technavio analysts forecast the global payment gateways market to grow at a CAGR of 14% through 2020.
The changing demand of users and increasing prices of products and services have increased the competition between the local and foreign players. This has increased the competition among vendors to serve the customers better and achieve high customer satisfaction. This helps in strengthening competitive strategies to improve customer satisfaction.
To achieve high customer satisfaction, many e-tailing vendors are coming up with innovative services. For instance, they offer flexibility in ordering products (including the option of placing orders through phone calls) and enabling different payment options using payment gateways. Different banks also collaborate with the retail vendors to provide attractive cashback offers to attract new customers and retain existing customers.
E-commerce software also supports the growth of an organization by having an online presence in the marketplace and helping to gain competitive advantage by improving operational efficiency.
The global payment gateways market is evolving with growing demand from customers. With the adoption of the latest technologies such as 4G and the increased use of tablets and smartphones, the number of people using the internet is rapidly growing, which increases the number of online buyers.
Using the internet, customers can buy a variety of products using different payment gateways. Furthermore, it has provided an alternate channel for shopping via e-commerce websites, which has changed the consumer decision-making process and shifted the focus from offline buying to online shopping. Different technologies involved in payment gateways are m-payment, mobile wallets, and NFC technology.
Some companies have begun restructuring their business and revenue strategies by moving from the traditional approach to the digital approach.
Traditionally, commerce was restricted to showcase essential product details and simple merchandising. However, it has evolved and diversified. It involves services such as deploying interactive hubs for consumer marketing to handling associated services.
The rapid adoption of internet-enabled devices such as smartphones and tablets allows users to access information across all digital channels from any location. This has increased the need to develop reliable solutions that integrate payment solutions with digital channels. These applications also help companies derive useful insights about individual customers and their buying behavior. In addition, vendors can view customers’ transaction histories to understand buying patterns and predict customers’ choices. This has led to a rise in demand for e-commerce technology solutions with integration capabilities.
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