4 E-Commerce Payment Trends for 2023

Online shopping and e-commerce accelerate each year, growing, adapting, and branching out in ways that can be either surprising or predicted. Being at the front of these digital innovations can create profitable transformation and increase business success. Online sales rake in trillions of dollars around the world annually. E-commerce is big business, and sites like WooCommerce and Shopify are dominating the online shopping arena with their forward-thinking approach to commerce.

Looking for some insight into what lies ahead for online merchants? Here are four emerging or growing trends to keep an eye on this year.

Social Commerce

Social commerce is when companies use social media to sell their products directly to their followers or audience on a particular platform. Sites like Instagram, TikTok, and Pinterest provide an easy and effective way to market your goods and services, and many businesses are seeing the potential for successfully selling on these same platforms. Gone will be the days of requiring potential customers to click your website link in a Facebook post or Instagram video to make a purchase. The future will see these app users able to buy directly in the social media app.

Social commerce offers a sales channel that is profitable for businesses and easy for customers. Over half of businesses have tentative plans to start selling their goods and services through social networks.

Customisable and Integrated Payment Services

Ease-of-use and convenience are becoming more important than ever before, and that desire for simple, efficient methods extends into e-commerce. Online businesses and merchants want to offer customers safe, easy ways to pay because sales will suffer without this. Streamlined payment processing is the way to go for online shops that want an all-in-one suite of services.

The system offered by payment processing company Exactly is one such option, offering personalized payment gateway options. Their packages include features like hosted or integrated payment pages to optimize flexibility and convenience. Payment processing companies that prioritize merchant experience and inclusive payment gateways should be on your radar.


Increased Security Measures

Admittedly, heightened security is not a new trend; it’s been a hot topic in e-commerce since its inception. What is new are the ways payment processing services are implementing security and data protection. Biometrics is expected to make a debut in more places, specifically online payments.

Using physical markers to access secure devices or features is something a growing number of people are used to since smartphones regularly use fingerprints and face recognition software. This technology can also be used to keep payment processing secure and prevent fraud.

Real-Time Payments

The urgency of the everyday world means customers want immediate transfers of their money. Whether giving or receiving funds, the desire for instant payments is growing. Online vendors and merchants will likely be responding to this demand by looking for payment gateways that provide lightning-fast payments. TassatPay, for example, is a B2B payment service that transfers funds in real-time.

E-commerce is constantly evolving to fit the demands of consumers and the capabilities of online sellers. As a digital merchant, staying on top of current and upcoming trends is critical for your business.