Mobile payments and e-commerce will thrive!


Since people have to minimise physical interaction because of the coronavirus pandemic, consumers are being discouraged to use services such as credit card machines. Instead, contactless transactions like mobile payments are being encouraged.

According to experts, more and more people will opt to use these contactless systems and online shopping facilities to avoid checkout entirely. A lot of physical stores have closed and this has resulted in an unprecedented surge in e-commerce operations. ACI worldwide advanced that transaction volumes have increased by 74 percent in March in comparison to the same period last year.

Analysts are arguing that Amazon is “going to come out ahead at the end of this”. However, the giant is experiencing some troubles. While they have always been consumer-centric, a lot of their products are out-of-stock. Moreover, the firm has delayed deliveries, “treated suppliers badly, and haven’t been model employers, either”.

Some analysts have divergent opinions. They point out that “e-commerce accounted for only 11 percent of all retail sales in 2019” and shoppers will be eager to visit stores again when things get back to normal.

It is also predicted that a lot of outlets will have massive sales when they reopen. This is because “storefronts are frozen back in some week in March” Thus, firms will want to get rid of out-of-season merchandise. 


E-commerce is booming

Comments