Over the years, humans have made use of all things to purchase goods: food, crafts, checks and mobile pays. And it becomes all the more essential for the businesses to capture these emerging trends with time.
If businesses have to prosper, they need to adapt and analyze the ever-changing customer buying preferences and behaviour. With the changing technological trends and its integration with our economy, customers are changing their buying preferences.
Cash is Obsolete
Cash is increasingly becoming a less preferable method of payment today. Almost more than half the people prefer using other methods to pay for goods and services. With the dwindling use of cash, people have turned to alternate (say online or digital) methods to make payments.
How do People like To Spend?
Customers always look for options when they want to make payments. A study by Federal Reserve shows that B2B customers spend around $105.3 billion non-cash payments while the B2C customers spend around $24.6 billion.
Future Payment Trends
Mobile pay is the hottest trend that is catching up like fire. Looking at the trends from 2015 till 2017, there has been a rise in the number of Apple Pay users from 15 million to 86 million. And the increase in Android phone payers has been from 2 million to 24 million. Having seen that, we can infer that the increase in Apple Pay users is a whopping 77 million and Android Pay users, is 22 million. This is a safe enough bet that mobile pay is going to remain an upward trend in the coming years.
Online Bill Payment Security Concerns
People are still worried over online bill payment security although there is a rise in the mobile pays. This concern has caused 37% of the surveyed people to stop purchasing anything on the web. And among the remaining people who make online purchases, 42% use credit card, 26% use PayPal, 12% use debit card, 10% use prepaid/gift cards, and the final 10% showed no preference over the mode of payment.
Conclusion
In the last five years, it has been noticed that almost more than a quarter small businesses haven’t updated their payment methods yet. So, they have missed out on improving their cash flows, and in keeping customers happy and increasing sales.
And trust us, adapting to newer ways of online bill pays is never going to a hassle but only a cakewalk.
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