2. Incorporate new payment methods
Like digital in general, the number of consumers using digital wallets grew during the pandemic and has shown no signs of slowing down.
Add a bank card to the digital wallet on your smart phone and you can use your phone to pay. If you have facial recognition, you also have an extra layer of security – and you don’t need to carry your card around.
As of December 2022, 53 per cent of stores and restaurants accepted Apple Pay in the US, with 28 per cent of online stores. In France this figure is 62 per cent and 18 per cent respectively. Of course, Apple Pay is just one solution, with PayPal, Google Pay and Amazon Pay among others now serving millions globally.
In the UK, one in three (33.9%) UK consumers now have a digital wallet, but this rises to two thirds (64%) among 18-34-year-olds.
Take this a step further and brands such as Starbucks have their own digital option consumers can add to the wallet that acts like a bank card. Use this at branches and you can build up a whole host of benefits and receive money off purchases.
In the age of convenience and fast fads and with digital wallets becoming more popular with Gen Z and Millennials, digital retailers must ensure they keep on top of – and incorporate - the latest payment methods into their solutions to ensure they don’t miss out on sales.