In 2021, merchants saw digital convenience and personalisation on the rise. According to payment platform Adyen, digital transformation will keep up the momentum in both familiar and new ways for brands and consumers in 2022. Here are five global payment trends that will continue to transform businesses throughout 2022.
1. Digital transformation will shape a brand-new industry class
More consumers have been embracing e-commerce / mobile and digital payments over the past year. Another wave of digital transformation will shape a brand-new industry class which is going to transform traditional buyer journeys in 2022. Adyen forecasts a bigger drive for seamless buyer journeys, enhanced online user experiences and further development of subscription-based business among areas of travelling, grocery delivery and telecommunications respectively.
2. Brick-and-mortar shopping will return in extraordinary ways
Notwithstanding the challenges facing businesses in 2022 under Omicron’s shadow, shopping in physical stores will return, where online and offline flows will be more flexibly integrated. In this regard, companies who leverage personalisation and convenience in-store will become the winners in 2022.
Retailers who are welcoming “semi-in-store” flows are to win over indecisive shoppers and achieve a higher foot traffic. Payments data plays an important role in uncovering customer insights in order to create customer loyalty. Hence, a centralised platform gathering all payments data will be crucial for presenting a comprehensive customer view in the new year.
3. Social commerce will flourish amid the convergence of online and offline experiences
In 2021, social media platforms such as Facebook and Instagram have become new forms of sales channels. Social commerce now serves as an indispensable business for millions of merchants and casual sellers.
In 2022, social media platforms are likely to jump on the bandwagon in providing in-feed shopping functions. Hence, payments technology will be key to bringing these effortless experiences for B2B and B2C users.
4. Payment methods will develop into super-apps in facing competition
Amid fierce competition among different payment methods, super-apps driven by payment methods such as digital wallets and BNPL are expected to boom in 2022. With high flexibility, they will likely surpass common payment methods to develop into mature lifestyle apps. Across APAC, WeChat Pay and Alipay are some examples of super-apps.
5. Platforms will embed payments to better cater for SMB users
Platforms are opting for embedded payments to better cater for SMB users, as it helps them expand revenues and optimise cash flows. 2022 will see regulators step up their measures on platforms and financial institutions in cracking financial crime and ensuring compliance.
With vigorous changes ahead, stepping into 2022, it is very important for businesses to listen to their customers and always adopt a customer-centric approach.