In other words, simply having an online storefront will not be enough but what companies need to do now to help set themselves apart later is equally vague. A few salient points have emerged in the literature about the future of online shopping that could help outline the contours of how retail and digital banking will work together to shape e-commerce.
Among these include the need for seamless integration between the website and efficient payment systems as well as robust website security. But they also talk about the “experience” of shopping online and how the future of e-commerce could actually involve a complementary brick and mortar aspect after all.
The need for robust data security when it comes to digital banking and payment systems cannot be stressed enough. As more people begin to do the vast majority of their shopping online, systems will inevitably come under strain.
While hacks, data leaks, and other problems are often not the sole responsibility of the retailer or company in question, they do the most immediate damage to that party’s reputation – up to and including completely undermining the business. In this regard, data security becomes a necessity more than ever before from multiple standpoints. Beyond that, analysts think that novel and even somewhat outlandish website and app concepts could emerge in the battle to emerge on top in the e-commerce industry.
From websites that cater to lifestyles to subscription-based services and beyond, the old “catalog” format might not go away but it is going to face some serious challenges from specialist shops catering to niche audiences.
Massive companies like Amazon could face hard-to-manage challenges in specific retail categories with firms specializing and offering “bespoke experiences” that are hard if not impossible for the virtual big-box retailer to recreate.
Interestingly, brick-and-mortar establishments figure into the mix albeit in vastly different formats than we are currently accustomed to seeing. First, the future of e-commerce might not only rely upon unique online experiences, but also physical replicas of this same unique brand or company identity.
This will likely take the form of pop-up stores, company flagship stores, and even one-off events. Whether it is curating products in a museum type of atmosphere or offering clients an oasis in the heart of the city, e-commerce is not discounting that the world in which people live is a physical one and that can reinforce and help shape the company’s overall brand identity in the marketplace.
A relevant example of this is a major retail banking giant partnership with Peet’s Coffee for their business Cafe concepts. These outposts offer the digital banking account holder a place to interface with the company as well as get an immediate discount on coffee. For patrons singularly interested in coffee, the crossplay in branding – as well as the advertisement of a discount for bank account holders – could lure in new clients in a novel, cost-effective way. Whatever the future of e-commerce, the end-goal remains the same for businesses and that is surviving and thriving in any business environment.
It is last but not least that we will stress on the fact digital banking solutions also promise a much more advanced and flexible business model application. In the most advanced business industries. Globally. And here comes the prompt response with regards to the ever-changing market conditions and needs that appear in the Retail in the E-commerce spaces.
The team of Monneo holds an excellent level of expertise and years of experience within those industries. That is why we deliver digital banking services solutions and virtual IBANs accounts to a number of companies applying those E-commerce Models.
Contact us to learn more about how Monneo can help you with digital payment solutions or apply directly for your virtual IBAN on our website.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
