The coronavirus is often described as the “Big Bang” for digital payments as its adoption accelerated exponentially – crossing all generational and business-type lines during the last year and a half – and data trends show the adoption isn’t likely to drop.1
Digital payments helped customers stay safe and connected to their local businesses when faced with pandemic lockdowns, but they have since grown accustomed to the convenience. So much so that market growth projections have recently been revised upward by almost 14 percent from initial projections for the period from 2021 to 2026.2
In fact, digital sales accounted for nearly a quarter—23.9 percent—of all gains in retail spending across all channels during the first half of 20213, and the Adobe Digital Economy Index indicates that digital sales are now estimated to exceed $4.2 trillion this year.4
According to the Adobe report, a large proportion of people around the world made their first digital purchase during lockdowns and continue the practice because eCommerce and mobile payment systems are increasingly a seamless experience for the end-user.
Achieving a seamless digital experience for your customer
During the early days of the pandemic, many businesses cobbled together disparate systems to meet their customers everywhere except inside. Now it’s no longer considered a stop-gap measure, and the focus is on streamlining.
“Customers expect to be able to interact with you across multiple touchpoints permanently and to have a seamless and consistent experience supported by digital payments,” said Mia Huntington, Elavon Senior Vice President. “The good news is that making the transaction simpler for your customers can also make conducting business easier for you.”
The association’s own payment processing consultant Stephanie Conway can help you think through options for streamlining your payments, so don’t hesitate to give her a call at 360-246-4476.
1Center for Financial Inclusion. Yes, COVID is the big bang of digital payments. centerforfinancialinclusion.org/yes-covid-is-the-big-bang-of-digital-payments*
2Mordor Intelligence. Digital payments market – Growth, trends, COVID-19 impact and forecasts (2021–2026). mordorintelligence.com/industry-reports/digital-payments-market.
3https://www.digitalcommerce360.com/article/quarterly-online-sales/*
This article was originally published in Elavon’s Payment Smart newsletter. The Washington Hospitality Association’s payments processing system is backed by U.S. Bank/Elavon.
