4 minute read
5 trends that will define commerce and payments in 2024
Wednesday, December 13, 2023
4 minute read
In 2023, the emergence of generative AI led to immediate applications for businesses and opportunities for even more transformation to come. When combined with other economic, social and technological disruptions, we are seeing radical changes in the ways consumers and businesses interact, especially in commerce.
In this report, we explore the top five trends shaping commerce and payments in the year ahead. Dig deeper into the trends—and get practical tips—in our 2024 Commerce and Payment Trends Report.
TREND 1
Artificial intelligence takes center stage
Generative AI and its best-known application ChatGPT captured the public’s attention in 2023. In fact, Bill Gates said AI would be a revolution on par with the arrival of the internet. In the year ahead, businesses will continue to explore the benefits of this technology and the opportunities it holds for them—from efficiency gains to improved customer experiences.
61% of companies are enthusiastic about the impact of AI on their business
AI will revolutionize commerce and payments in ways that are visible to customers and businesses.
- Speed. AI-powered biometrics helps speed customers through checkout.
- Security. AI offers the potential to greatly increase the accuracy of fraud detection.
- Productivity. AI-supported app integrations become faster and less labor-intensive.
In 2024, we anticipate AI will boost customer support, accelerate software development and expand friction-free payments. Explore these innovations and more in our 2024 trends report.
TREND 2
Embedded payments: What do they mean for your business?
Embedded payments allow consumers to make a purchase without leaving their favorite website, social media channel or mobile app. Thanks to advances in fintech, embedded payment solutions in 2024 will continue to flourish in industries as diverse as healthcare, utilities and real estate.
44% of companies surveyed say embedded payments would be extremely important to their business in 2024
Embedded payments can help drive repeat sales, promote better cash management, enable seamless reconciliation and more. See how embedded payments can boost customer satisfaction—and your bottom line—in our trends report.
TREND 3
Security and fraud prevention rise to meet fresh challenges
Consumers appreciate how technological innovations can speed them through their buying experience. But at the same time, fraudsters and identity thieves can—and do—use these same technologies to do harm. Businesses recognize the growing risk.
62% of businesses say reducing the amount of payment fraud is an urgent concern, more than any other issue
To combat evolving fraud tactics, businesses are adopting more sophisticated, technology-enabled security and fraud prevention measures—from advanced multi-factor authentication to tokenization and encryption. Explore these fraud prevention tools and more in our 2024 trends report.
TREND 4
Live commerce makes an impression—and the sale
Live commerce has been building momentum for several years. And with low barriers to entry, everyone from solo entrepreneurs to big box stores is jumping in on the live commerce trend. Shoppable livestream events not only allow billions of consumers to browse products in real time, they add to the brand experience and streamline the buying journey.
Over the next year, 23% of businesses say they plan to roll out live commerce
Live commerce presents a big opportunity for businesses—in 2024 and beyond. Get practical tips and inspiration, and see how this trend will further influence payments and commerce in our trends report.
TREND 5
Next-gen digital experiences—quick, convenient, fun
Consumers have come to expect less friction in the purchasing experience. Now, the latest technologies are delighting customers before they even realize what they need. Paying has become even faster and more convenient.
36% of businesses introduced cashierless checkout in 2023, and 21% are considering using it in 2024
Technology that removes friction from the buying experience is accelerating like never before. Checkouts are moving from cashierless to autonomous. In-person payments are expanding beyond tap-to-pay at the point of sale to phone-to-phone tap-to-pay payments. And gamification of payments even makes paying fun!
Dive into emerging digital experiences that will influence payments and commerce in our 2024 trends report.
Be ready in 2024
In a moment of massive transformation, businesses have to decide where and when to invest—and how to benefit from change. We’ve gathered insights from industry experts, surveyed businesses around the world, and conducted extensive research. All to help you decide where to focus and how to deploy your talent and resources. Our 2024 Commerce and Payment Trends Report will help you succeed in 2024—and beyond. Get it now!
