The eCommerce revolution is in full swing, and there’s no turning back. Brick and mortar stores have been closing at an alarming rate over the past decade, while online sales continue to surge.
According toStatistica, worldwide eCommerce purchases will reach US$5.4tr in 2022. So what is driving this significant shift? A big part of it is the rise of fintech, the fusion of financial services and technology.
This feature article explores the fintech eCommerce revolution in detail, including some of the key technologies and trends in play.
Another trend in fintech eCommerce is the use of data-driven technologies. This trend involves retailers using data analytics to understand their customers’ purchase behaviour and preferences.
Data-driven fintech helps retailers to personalise the shopping experience for their customers, which leads to a better customer experience.
“Price optimisation and management software allow internal teams to bring in data, adjust pricing strategy, and deliver dynamic price adjustments in real-time to eCommerce while maintaining consistency with traditional channels,” noted Lee Rehwinkel, VP of Science and Analytics at Zilliant.