Is there anyone left who insists on actually going to a store to buy something? Business journalists Bloomberg have brought to our attention that the flight from physical store purchases to e-commerce has been even greater than was predicted. We knew it would grow but by how much? During the global lockdown, there were not many ways to buy anything much more than the basic necessities of food to feed our families. Everything else has to be bought on-line, and so we have. The darlings of the stock market Amazon, Apple, Paypal etc have all enjoyed new peaks as we hover our mouses daily over the BUY button. Amazon reported year on year growth of around 40% in an economy that shrank by 32%.
Moreover this online practice of click-to-buy has become habit-forming. In the same way we have become accustomed to working from home, businesses have also had to adapt their model to e-commerce. They’ve flocked to eBay, Shopify, or brought in the e-commerce experts to give them a presence online. Even small mom & pop shops who always thought of themselves as local businesses were forced into re-thinking their model.
There were other psychological effects to the lockdown. We exercised more. The desire to learn a musical instrument increased. More bicycles were purchased. More athletic wear was worn; little point going running if you can’t look good at the same time. Did you want an exercise machine to convert your garage into a gym? So did everybody else.
Payments aggregator PayPal reported a surge of 30% of newly active customers using their service. All this growth is not without its challenges however. Consider the fraud side of this. It’s long been understood that the further apart merchant and consumer are, the harder it becomes to catch the fraudulent transactions as they happen. Geolocation capture has become a key tool in gauging the authenticity of transactions, not only at the time of purchase but also at the time of client onboarding.
OmniPayments’ OmniCloudX service supports the immediate payment processing of transactions originating in e-commerce front-ends. It includes improved fraud-prevention, trapping fraud while minimising false positives and subsequent revenue losses. You can get started with OmniPayments from as little as $/€/£5,000 per month. OmniCloudX is quick, flexible, and efficient, without imposing heavy costs on your business model. Get a better return on your merchant payment processing with OmniCloudX. Help your business take off with OmniCloudX.
www.omnipayments.com
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