According to some experts’ estimates, online sales across the globe will touch $4 trillion in value this year. Let that sink in! Who would have thought e-commerce would come to this point, eh? The world’s amazement at the rapid popularity of e-commerce apart, one has to wonder what has driven this sector’s growth. While there are, obviously, a handful of factors that have contributed to the industry’s meteoric rise, there is one factor in particular that has had a distinctive contribution, especially over the past few years — financial technologies, or just FinTech.
E-commerce is already a force to be reckoned with, and when further fortified with FinTech, the former has managed to establish itself as a pillar of the global economy. It is not surprising though; financial technologies are, after all, comprised of and underpinned by artificial intelligence, machine learning, cloud computing, blockchain, and more. And that, in turn, has enabled solutions like virtual currencies, mobile payments, and so many other things that have had a direct consequence for the e-commerce industry. The biggest and the most revolutionary contribution FinTech has made to the e-commerce industry are the myriad modern payment solutions. But suffice it to say that several other reasons demonstrate that the pairing of FinTech and e-commerce was just meant to be.
Some of these reasons are listed below:
1. Target a broader audience base: FinTech is its basic premise of this advanced technology — the kind that ensures that e-commerce companies. It can reach all types of audiences, even the unbanked ones, directly through the wide variety of payment options it enables. It means customers can quickly pay for their online shopping via a method that suits them, be it mobile payment transfer, credit card payment, EMIs, and more.
2. Better and more payment options: As we have discussed above, FinTech’s most significant contribution to e-commerce is the many payment options. From mobile wallets and peer-to-peer payments to cryptocurrencies — FinTech has made sure that no matter where you are and what mode of payment is suited to your requirements. Also, you can always pay for online purchases and that too in a safer and faster manner.
3. Improved customer service: Remember how we said that technologies like artificial intelligence underpin FinTech? So the thing is that it doesn’t furnish only payment options, but other conveniences and tools as well, such as chatbots. And what do chatbots do? Help enable top-notch customer service, tending to customer queries 24×7, interacting, and engaging with them in the absence of human service agents and more to make sure that merchants never lose business.
To conclude, eCommerce, when fortified with FinTech, can do wonders for any merchant, no matter the industry. And this is why experts recommend that vendors should strengthen their business with FinTech. So, if you want to jump on this bandwagon too, get in touch with a trusted custom eCommerce web development company right away!