TECHNOLOGY
“ Advancements in Fintech have allowed e-commerce companies to remove friction from checkout ”
KIRSTEN SHEPARD DIRECTOR OF ENTERPRISE SYSTEMS PRODUCT , SAATVA
Chat commerce Making payments in real-time while using a chat interface is another trend in fintech eCommerce . This trend involves customers making payments using chatbots as a convenient way for customers to make payments , as they can do so without leaving the chat interface . They also provide a more personalised experience , as chatbots can remember customer preferences and behaviour .
Integration with existing messaging apps are another category of chat commerce , and these involve companies integrating their payment services into existing messaging apps such as WhatsApp , Facebook Messenger and WeChat .
" Businesses will add new mobile channels within their existing systems to reach more customers . More personal , targeted , and relevant communications and checkout experiences will enhance customer experience beyond standard messaging ," said Pieter de Villiers , Co-Founder and CEO of Clickatell . " Chat Commerce will enable buying , paying , and selling through more personal interactions between the consumer and merchant , including eventual automation and smart chatbotpowered interactions ."
Single-click checkout As most customers are familiar with the process of making a purchase online , retailers are looking for ways to make the checkout process faster and simpler . One way of doing this is through single-click checkout , which involves customers making a purchase by clicking one button rather than filling out multiple fields .
According to Aman Ghataura , Head of Growth at Alphagreen Group , " Start-up fintech companies like Primer . io optimise payment gateways to show customers the most suitable checkout providers ."
In addition , single-click checkout can help retailers increase conversion rates , making the purchase process faster and simpler . As a result , customers are less likely to abandon their shopping cart during the checkout process . fintechmagazine . com 103