The advancements in technology, over the last few decades, have completely revolutionized and evolved our shopping experiences. We can now buy anything we want, from any part of the world, without even getting up from the couch in the living room. This shopping revolution is mostly due to the multiple payment options that many stores now offer.
If you are also considering offering more payment options to your customers, you should look into these 5 consumer payment trends dominating the market nowadays.
Subscription payments or recurring payments model have made shopping for regularly used products more convenient. If, for example, you buy certain beauty products or health supplements every month, subscription payment gets you good deal in terms of price and you get the product delivered to your door every month.
Prepay is catching on fast in the world of online businesses. With prepay options, businesses offer their customers to load money into their account for future purchases. This is usually done through offering special deals like discounted prices or additional load up etc. It is also a great way for businesses to quickly come up with money without actually making a sale.
Biometric payment system hasn’t quite caught on like other payment options on this list. But it is also the most safe and secure. While it has had many different implementations, it most commonly relies on either finger print or facial recognition or even both.
BOPIS or Buy Online and Pick Up in Store is also gaining a lot of popularity. Many stores now offer this and as the name suggests, let’s their consumer collect the product or get the services they have paid for online.
More commonly known as Buy Now Pay Later, it is one of the most flexible payment options any business can offer its customers. It simply allows customers to buy now and pay later through multiple installments.
Choosing and implementing any of these payment options, if not all, in your business can give your sales a significant boost. Best of all, these payment options are really easy to implement as well.