2015 was a big year for eCommerce. Mobile payments, buy buttons, and virtual wallets turned the industry up a notch. As this new year rolls in, what big things can we expect for 2016?
Mobile Wallets Take Over
In 2015, the headlines were all about Apple Pay and PayPal. The companies thrust their ecommerce technologies into the light, and this caused some positive reaction. Many merchants have adapted their systems to accept mobile pay options. Young businesses usually have it before they open their doors.
Heavy hitters like Macy’s and McDonald’s got on board with mobile payments recently. We expect many more to follow. The mobile wallet feature is much convenient that swiping a credit card, and people are taking notice.
In 2015, we saw PayPal is become a payment option at Subway. It’s safe to say that in 2016, we’re likely to see PayPal emerge as a payment method within more stores.
In the last few years, many eCommmerce startups relied on venture capitalists and other traditional forms of fundraising. In 2016, avenues like crowd funding and less common financial services are expected to take over.
A study earlier this year found that more than half of millennials don’t even have a credit card. Following suit from the college days, we see an uprising in debit rather than credit. Small loans that can be paid off within a specified time frame are popular. The format of monthly payments laid out and easy to understand is preferred these days. This is why young business will be more likely to take out a loan or use crowd funding in 2016.
“It’s the purpose of a bank to help people realize their hopes and dreams, so they can be able to go to school, buy a home, maybe purchase a car, and borrow money in a time of need,” said Louis Beryl, cofounder and CEO of Earnest “We want to expand to really be able to serve professionals over their whole lives.”
With the arrival of 360 video commercials on YouTube and live streaming on Facebook, 2016 will see the rise of the video shopping feature. So many companies are taking advantage of this tool, creating interactive and custom video campaigns that are sure to amaze.
Apps like Vine and Periscope are also gaining momentum. These platforms hold a massive amount of customer networks and daily traffic. Ads and buy buttons worked into this format could be huge.
Facebook’s new Messenger app was the top downloaded of 2015. In the coming year, its new relationship with PayPal could bring plentiful opportunity incorporate shopping features to the Messenger platform.
Messenger helps consumers and businesses connect as users can contact retailers about product availability, shipping, and returns. If the program proves successful, it could influence the company’s eCommerce motivations.
Facebook also teamed up with Uber recently and launched an in-app ride booking service. There are many ways messenger, a platform used by millions daily, could use its power to grow exponentially.
2016 will ultimately bring many great additions to the eCommerce world. The industry is constantly improving and changing, and these predictions are just some of the many endless corners of the online and mobile shopping universe.