The Decrease In Cash Payments
With the ever growing digitalization of our lives, a study conducted by PYMNTS and Visa reported that more and more people are using less cash than ever before. In 2020, the Covid-19 virus has only accelerated the decline in use of cash. More than 80% of those asked have stated the pandemic as the main reason for their desire to go cashless, in order to prevent exposure to the virus. This caused a drastic increase in online shopping, as people were ordered to stay and work from home during the early months of 2020. Last year, 27 million consumers were shopping for their groceries from home, and 23 million used voice recognition in order to place touchless purchases while going about their daily lives.
Contactless and Touchless Payments
An estimated 60% of consumers are now using contactless payments, such as mobile apps and digital wallets on their phones. A few of the reasons why consumers are going cashless are: reduced frustration of waiting and scheduling, faster, easier, saving money through the use of coupon apps, increased purchase security, improved quality of life and the enjoyment of adopting new technology. Although the use of digital payment systems increased due to stores being locked down during 2020, the amount of people using this method of payment has become the preferred method, despite stores opening up again in 2021. The ease of use, speed, and convenience has launched Credit Card and Debit Card purchases to the top ranking payment methods, as more online stores, including print control software systems, accommodate these payment methods.
Purchases Based on Payment Options
Depending on what payment options a shop offers their customers, some people may actually prefer not to shop there. If only one form of payment was available at an online store, consumers may want to start the search for the same items elsewhere. According to the “How We Will Pay 2020” report, less than 9.5% of consumers still use checks. Most customers may prefer paying with their favorite payment method, such as credit cards, rather than going through old storage boxes to find a dusty checkbook. Thankfully, modern print production management software systems may offer most digital payment options for their invoicing purposes. For printers, mailers and business owners, it’s a clear and reasonable choice to go digital. A check requires time to write, drop off and travel through the mail system, arrive at the receiver who will have to deposit the payment – that is, of course, if the check doesn’t get lost in the mail. Paying can be quicker and safer. Within seconds, a card payment can be easily sent, and received only. Not only is this done with just a couple of touchpoints/clicks, but it is also a secure and traceable payment method, that is protected by PCI-Compliance standards. Why do things the old and hard way, when it can be that much easier?
According to PYMNTS, consumers no longer build their errand schedules, and go shopping around a five day work schedule. Roughly 60% of consumers shop for their groceries during the week, either before/after or even during work breaks. This highlights the importance of having a shop open at all times. Online stores can easily run over the weekend or holidays, giving store owners time to review and process purchases the next work day. Automated payment and shipping management systems within a web based print MIS allow orders and invoices to be processed much faster than ever before, making it easier for a company to ship out purchases quickly after receiving the webmail order.
It was discovered that consumers tend to favor local shops, when ordering online to help stimulate the economy and support small business owners. Due to the rise of online orders for local businesses, they have slowly learned to expand or adapt to digital payment options, and digital invoicing.
When searching through hundreds of products on online stores, consumers prefer to see accurate products photos before continuing with their online order. Their purchase is assisted through the help of these photos, as they are the first thing people tend to look at. Frustrating is the incorrect or inaccurate depiction of products, as false purchases can easily be made when the consumer is in a rush. If this were to happen, it can lead to the consumer distrusting the business in the future, and search for a more maintained online shop with a better web to print storefront. More product photos are preferred, as the shopper cannot look at an item from all angles while in front of a screen. Informative information on functionality and measurements help the customer narrow down their decision on whether to purchase or not.