Far too often we have heard that “change is the only constant.” Current technological advancements all around us make us believe in this age old adage more.
The current eCommerce scenario globally too is constantly evolving to set higher benchmarks in user experience and ease of shopping. Technological ease has made it convenient for customers to shop online. With an overwhelming preference to online shopping, businesses worldwide are making profits and reaching markets they never thought they would have.
Even the best ecommerce Web development agency in Mumbai would agree to the fact that online shopping has seen a massive rise over the years, as more and more entrepreneurs are now venturing into this facet of business.
But when we consider the natural law of things, it is obvious that every change has a consequence. With a drastic change in the way people shop, there is a significant change in the way people pay.
The Rise of eWallets
Worldpay recently reported multiple predictions on how eCommerce business would evolve in the years to come. The shift in payment method would naturally impact other popular methods of payment which have been prevalent all this while, mainly Credit card payment.
It has been estimated that Credit card payments in the Asia-Pacific region would experience a fall from 30% of the total eCommerce market to a meager 10% by 2021.
That being said, eWallets are the cause of credit cards being sidelined like this. Due to better security features and easier payment functionality, eWallets are increasingly turning out to be a popular choice among customers. Statistically, 51% of the total eCommerce market is said to be taken over by eWallets by 2021, as estimated by Worldpay.
Any ecommerce web development company , if asked, would agree to the fact that they are seeing more and more online businesses optimizing their sites for easier eWallet transactions.
What Changes Would India See?
With India being one of the fastest growing economies currently, ecommerce web development companies agree that Indian entrepreneurs will see a drastic change in the way customers pay.
Considering the ease and access to interesting offers eWallets brings to customers, Indians are more likely to opt for it than go for Credit card payments. This shift is partly because of the convenience that comes with eWallet payments, and partly due to the tedious processes credit card payments bring along.
An expert ecommerce website development company in Mumbai would make it a point to integrate eWallet system into eCommerce websites, quite evidently because eCommerce is the future of payments.
For an ecommerce website development company in Mumbai eWallets herald a new way of making payments online in a secure manner. This advantage is sure to improve the penetration of eWallets into online retail website and improve the overall user experience a shopper receives when shopping for products online.