Retailers and brands continue to invest in cart, checkout and payments (both online and in-store), focusing on making the experience as frictionless and seamless as possible. Did you know that the average checkout process includes 11-12 fields? To simplify the checkout process, many have introduced easier, and trusted, payment methods such as such as PayPal and digital wallets like Apple Pay, one-click pay, etc.
Many retailers and brands have also introduced ‘buy now pay later’ options (BNPL), and some are testing new alternative payments, including digital currency. The payment landscape is getting crowded; retailers must balance between giving customers options and inundating them with choices.
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As digital commerce continues to grow, retailers and brands are investing more in making cart and checkout experiences frictionless, transparent, fast, and secure. The pandemic surely accelerated some best practice functionality areas, however, there are still significant opportunities to improve the cart and checkout experience including upselling through threshold messaging and “save for later” functionalities, as well as, more transparency and details around delivery expectations.
In addition to making sure online payments are secure and quick, retailers and brands are increasingly investing in expanding payment options such as “buy now pay later” (BNPL) and payment installment plans to expand reach and broaden target customers. In addition, a smaller group of retailers and brands are actively experimenting with alternative payment methods such as cryptocurrency and Venmo payments.