The retail sphere has been experiencing drastic changes over the past years, following the global pandemic. What’s more, this sector is generally never stagnant, as it evolves alongside technological progress and consumer needs. Thus, for merchants to ensure their business remains successful in the long run, it is crucial to keep up with the latest trends and continuously adapt their operations.
Fintechs are actively revolutionizing the traditional financial services landscape by developing innovative solutions in response to evolving consumer and business needs. One of the most prominent examples of the transformations they are driving is the digital payments sphere, which is rapidly embracing AI & ML, blockchain, and the idea of cashless societies.
Over the past years, we have witnessed the term “generative AI” quickly become a buzzword. Artificial intelligence is now being actively integrated into virtually every sphere of life, with commerce and payments being no exception. From chatbots and fraud detection to personalized marketing and dynamic pricing, businesses are sure to continue opting for AI-based solutions.
The modern age is marked by payment technology evolution that is happening at an unmatched pace. However, while A2A transfers and instant payments are flourishing, so does the fraudulent activity. This is due to the fact that while the speed of such payment systems makes them convenient for the users, it also often means that the transactions are challenging to detect and reverse.
Historically, different currencies have played decisive roles in making international trade possible. What’s more, cross-border payments have been undergoing substantial transformations throughout the years, driven by innovations and shifting market demands. Even today, major shifts are still ongoing in response to global events, revolutionary technology, and dynamics in the global economy.
Over the course of the past decade, the retail sector has been facing plenty of challenges, from supply chain bottlenecks to surging inflation. Besides, as living costs rise, consumers become more cost-conscious, demand more value for money, and seek to be rewarded for their loyalty to brands. This situation is true for many locations across the globe, including the Asia-Pacific (APAC).
The Australian eCommerce sector has been actively growing over the past few years, transforming the country’s retail landscape. In fact, the share of online sales in the local market is estimated to reach an impressive year-on-year growth rate of 16.8% in 2023. While this shift is advantageous in many ways, it also comes with some challenges for domestic brands.
Smartphones and tablets are the devices that the majority of consumers have at hand at all times. Thus, regardless of whether you sell your products or services online or in-store, integrating mobile payments is vital for offering a smooth shopping experience for your customers.
While countries across the globe are experiencing the effects of a severe economic downturn, financial service providers are facing unprecedented challenges as they try to stay afloat among shifting consumer needs, increased market volatility, evolving fraud, and major budget restrictions.
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