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The FinTech Explosion In B2B ECommerce

It's no secret that eCommerce continues to become a more popular shopping option than traditional brick-and-mortar stores in the digital age. According to research, eCommerce sites account for 16% of all retail purchases. By 2040, eCommerce will handle 95% of all consumer transactions.

People increasingly prefer to buy goods online rather than in physical stores. Nonetheless, many people are unaware that eCommerce would be impossible without using fintech.

Experts at finance conferences and events in Vegas examine the relationship between fintech and eCommerce and how it affects the retail industry.

Fintech In eCommerce Vs. Traditional Commerce

The primary distinction between eCommerce and traditional commerce is market accessibility and scalability. Though fintech can be found in brick-and-mortar and online stores, it is more prevalent in the digital space. This is because fintech helps to remove traditional barriers that have previously stifled eCommerce growth - enabling entrepreneurs to start and grow a business with lower overhead costs than conventional businesses.

Furthermore, fintech can help businesses streamline operations, cut costs, and improve customer service. It can aid in developing previously unimaginable business models and products. This level of disruption distinguishes eCommerce from traditional retail and makes it a more appealing option for consumers and businesses.

Another vital distinction between eCommerce and traditional commerce is the level of disruption that fintech may cause in the market. Global insurance and finance conferences discuss how fintech has the potential to transform business operations entirely, which is especially evident in the eCommerce space.

Fintech & eCommerce: Similarities

The payment processing industry has been disrupted by fintech, making it easier and faster than ever for eCommerce businesses to accept payments from customers worldwide.

Fintech not only makes payment processing easier for eCommerce businesses, but it also helps them manage their finances more efficiently. Another critical area where fintech and eCommerce intersect is capital access.

Fintech has aided eCommerce evolution by making it more efficient, convenient, and trustworthy.

Importance Of Fintech In eCommerce
Increased Efficiency

Fintech enables more secure and smooth transactions. eCommerce businesses can offer customers a faster and more convenient checkout process by utilizing online banking and payment processors. As discussed at the Money 2.0 Conference's Spring Edition, fintech also reduces fraudulent activities by improving security measures.

Scalability

Another essential advantage of fintech is that it allows businesses to reach a larger audience. eCommerce merchants can sell their products and services to customers worldwide by accepting global payment methods and currencies. It creates new opportunities for businesses of all sizes and contributes to the expansion of eCommerce.

Convenience

People can shop from the comfort of their own homes or on the go. This convenience is made possible by the proliferation of mobile devices and apps.

Incentives Based On Loyalty

Customers have been rewarded for their loyalty for decades, but with fintech, there are new and inventive ways to do so. Businesses can use fintech to develop customer-friendly loyalty programs that offer discounts, points, or cash-back incentives.

Data Analytics In Real-Time

Another advantage of utilizing fintech for eCommerce is the ability to gain real-time insights into their sales data. This data can assist businesses in making better decisions about which products to stock and how to market them.

Other Possibilities

Some customers may not have good credit or prefer not to use traditional payment methods like cash or coins. Another area where fintech can assist is with options such as buy now pay later (BNPL) and cryptocurrencies.

Conclusion

Businesses will need to rely more on technology to stay competitive as more consumers move online. Overall, it is clear that fintech is critical for the survival and growth of eCommerce. It has transformed the payment processing industry and will undoubtedly continue to do so in the future. The Money 2.0 Conference will highlight more such possibilities for key stakeholders to stay ahead of the curve.

09/20/2022 - 14:40

Lakshay Mohanpuriya

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Lakshay Mohanpuriya
Author Name
Lakshay
Author Bio

Lakshay has always been drawn to the world of finance. His fascination for it led him to join the organizing committee for the Money 2.0 Conference - an annual conference exploring FinTech trends, showing how to best manage one's money, identifying scams/fraud and fake investments spam, as well as highlighting ways to stay safe.