{"id":189,"date":"2021-08-12T22:13:32","date_gmt":"2021-08-12T21:13:32","guid":{"rendered":"https:\/\/mexwco.com\/en\/?p=189"},"modified":"2021-08-12T22:16:44","modified_gmt":"2021-08-12T21:16:44","slug":"trends-in-digital-payments-and-e-commerce","status":"publish","type":"post","link":"https:\/\/mexwco.com\/en\/2021\/08\/12\/trends-in-digital-payments-and-e-commerce\/","title":{"rendered":"Trends in digital payments and e-commerce"},"content":{"rendered":"<p>A rapidly changing world continues to impact consumer behavior, creating new challenges and opportunities.<\/p>\n<ol>\n<li><strong>Digital commerce and connectivity continues to grow exponentially:<\/strong>3B digital commerce users in 2020.<\/li>\n<li><strong>Consumers expect everything to be digital and instantaneous:<\/strong> 64% of consumers prefer digital options over physical ones. 80% among Millennials.<\/li>\n<li><strong>Consumers are increasingly dependent on their connected devices:<\/strong> 1 in 4 consumers looks at their phone at least once every five minutes.<\/li>\n<li><strong>Consumers have a strong affinity for the digital brands they use: <\/strong>60% more consumers feel an emotional connection to a digital brand.<\/li>\n<\/ol>\n<p>Consumer trends are creating new opportunities in the digital payments landscape<\/p>\n<p>Growth of payments with enabled devices: 92% of the population is expected to have a Smartphone in 2023, an increase of 73% from 2018<\/p>\n<p>Growth of mobile commerce: The conversion rate among Latin Americans in purchases made through apps is 3 times higher than that of mobile websites.<\/p>\n<p>Increase in the use of applications: It is expected that in 2023, digital commerce transactions carried out with mobiles and tablets, will reach 161 billion USD, growing at a compound annual growth rate of 21% between 2018 and 2023.<\/p>\n<p>Increase in the use of digital devices: Transactions made using devices for personal use are projected to grow at a CARC of 82% between 2018 and 2023, reaching 220 million USD in 2023.<\/p>\n<p>&nbsp;<\/p>\n<h4><strong>Trading Platforms<\/strong><\/h4>\n<h4><strong>Website or Proprietary App<\/strong><\/h4>\n<h4><strong>Social media<\/strong><\/h4>\n<ul>\n<li>Facebook<\/li>\n<li>Instagram (Tags, posts)<\/li>\n<li>Whatsapp (Catalogs)<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>Marketplace<\/strong><\/h4>\n<ul>\n<li>Mercado Libre<\/li>\n<li>Find 24<\/li>\n<li>Amazon<\/li>\n<li>Call it<\/li>\n<li>Etsy<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>Website or Proprietary App<\/strong><\/h4>\n<h4><strong>Pros<\/strong><\/h4>\n<ul>\n<li>Privacy, the store is yours<\/li>\n<li>Business intelligence<\/li>\n<li>You are in control of your identity and your brand<\/li>\n<li>Customers are yours and their information<\/li>\n<li>You do not share space with the competition<\/li>\n<li>Making your own website is getting cheaper and easier every day<\/li>\n<li>You benefit from SEO (optimizing the search engine)<\/li>\n<\/ul>\n<h4><strong>Cons<\/strong><\/h4>\n<ul>\n<li>Implementation costs<\/li>\n<li>Templates are difficult to customize<\/li>\n<li>It is one more task within the company (falls \/ Maintenance)<\/li>\n<li>Results take time<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>It is important to invest in search engine optimization<\/strong><\/h4>\n<ul>\n<li>46% of consumers start their purchases on search engines like Google.<\/li>\n<li>Increase quality traffic<\/li>\n<li>Improve the position of the company in the Rankings<\/li>\n<li>Reduce promotional cost<\/li>\n<li>Discover new markets<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>Recommendations for the use of electronic commerce (Mu\u00f1oz, 2021)<\/strong><\/h4>\n<ul>\n<li>Optimize the website for mobile, the greatest growth in purchases is occurring on devices and using a responsive format is the best option.<\/li>\n<li>Includes high-quality photos and product demonstration videos.<\/li>\n<li>Show testimonials and user reviews, this creates credibility.<\/li>\n<li>Post all product information including price.<\/li>\n<li>Enables a progress indicator.<\/li>\n<li>Auto save the cart when it has been abandoned and send emails remembering the items in the cart.<\/li>\n<li>Allow Guest Checkout, if the customer does not want to register, do not restrict the sale.<\/li>\n<li>Remove any surprise charges or costs and shipping should be free, just add it to the price.<\/li>\n<li>Offer all possible payment options that are relevant and consistent with the platform and scale of your business.<\/li>\n<li>Use a clean design and avoid distractions.<\/li>\n<li>Displays security badges to build trust in the transaction.<\/li>\n<li>Send order confirmation after payment.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h4><strong>References<\/strong><\/h4>\n<p>Mu\u00f1oz, O. (2021). Trends in digital payments and electronic commerce.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A rapidly changing world continues to impact consumer behavior, creating new challenges and opportunities. Digital commerce and connectivity continues to grow exponentially:3B digital commerce users in 2020. Consumers expect everything to be digital and instantaneous: 64% of consumers prefer digital options over physical ones. 80%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,6,3,5],"tags":[],"class_list":["post-189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-e-commerce","category-managment","category-smes"],"_links":{"self":[{"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/posts\/189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/comments?post=189"}],"version-history":[{"count":2,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/posts\/189\/revisions"}],"predecessor-version":[{"id":192,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/posts\/189\/revisions\/192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/media\/190"}],"wp:attachment":[{"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/media?parent=189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/categories?post=189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mexwco.com\/en\/wp-json\/wp\/v2\/tags?post=189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}