By 2021, users of digital commerce services will reach to 3 billion, that’s 40% of the global population, according to forecasts by Juniper Research.

In its new study, two main areas where digital commerce technology will influence the growth of online retail were found to be most prominent. These were “remote payments for digital and physical goods” and “digital banking via bill payment services”. Collectively these methods will account for over half of global transaction values by 2021.

Whilst customer facing commerce websites continually look at streamlining their facilities to offer new ways in which consumers can order and pay for goods, banks are continually seeking new ways in which to offer facilities to their customers. By offering up to date information and immediate transaction processes through new and innovative ways of access, customers will be given far more choice and information about how they are running their accounts and allows them to make up to date decisions.

Online Retail needs to be ready to adopt new digital commerce methods

As a leading country in digital commerce, the UK’s online retail industry needs to be ready to adopt new methods of collaborating with the banks and payment facilities. In recent years, Apps have proven to offer a great way to access up to date information and make payments with immediate effect 24 / 7, whilst the introduction of Apple Pay has made paying for goods across the shop counter far easier. By looking at new technologies and assessing customer experience App developers will continue to develop facilities which will ultimately generate sales and grow the economy, whilst ensuring that the security of financial systems and payment facilities is kept water tight.

For more information on digital commerce covering online retail insurance, exporting, drop shipping and fulfilment, please contact our online retail team. Specialising in many areas of digital commerce protection, Crendon Insurance will find the right insurance cover to protect your business, both here in the UK and globally.

 

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