07 Sep 7 Key Elements for Merchant Payments in a Digital Future
The push for customer-centrism was born decades ago when shoppers entered a store and merchants planned their products and services around that personal engagement. Clearly, the shopping experience has evolved since then—and the challenge for merchants has never been greater.
New e-commerce platforms are shaping the habits of customers shopping anywhere and anytime—for retailers online, offline, or an integration of both. The recent emphasis on e- commerce versus in-store sales due to COVID-19 will also likely have a lasting impact on consumers’ behavior and their expectations of merchants. And with the steady rise of both new technology and the introduction of generations that know nothing less, how they engage in the payments space is set to determine the future.
“Where the merchant and consumer meet—that is key, and as we move into the digital space, it becomes even more critical and important,” explained Amy Parsons, Senior Vice President of Global Operations at Discover® Global Network. “Merchants have to make sure they have the customer front and center, and they must understand what the customer is looking for so they can meet those expectations.”
A Generational Shift to Digital
Just as today’s capabilities have changed, so have these expectations. And with the rise of the generation born since 1996, or Gen Z, as well as the Millennials who came before them, the desires of shoppers are turning into demands.
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