As technological advances continue, the banking industry is evolving alongside it. The increase in mobile banking and the demand for personalized services, for example, are changing the way consumers interact with businesses. 

In fact, according to a forecast by eMarketer, the number of digital banking users in the U.S. was 161.9 million in 2019. By the end of 2020 and 2021, this user base will reach 166.2 and 169.8 respectively. For Canada, it will also see a steady increase in these users at 21.4 million in 2020 and 21.9 million in 2021.

The ability for a business to keep up with these changes could mean steadier and improve streams of revenue, increased customer satisfaction, as well as improved brand reputation. 

In order to do so, thorough market research should be conducted first. The Find Your Audience team has gathered several useful business trends when it comes to digital banking and ecommerce to help your business.

Firstly, direct-to-consumer (D2C) ecommerce sales are increasing. According to eMarketer, while 2017 reached $6.85 billion in ecommerce sales, 2018 was at $10.73 billion. In 2019, it was $14.28 billion. As for 2020 and 2021, eMarketer forecasts the numbers to reach $17.75 billion and $21.15 billions respectively. 

Knowing this information can be a game-changer for businesses that typically operate brick-and-mortar stores. With the rise of ecommerce, creating an optimized online website and store would be a step in the right direction. A website, for example, can help customers learn more about products and services through a browsing feature. The ecommerce aspect of it can then help streamline the sales process. 

Another important trend to consider for the success of one’s business is that there is a significant amount of consumers who are interested in interest-free payment programs. These programs allow users to make online payments in installments. 

A study conducted by CivicScience found that 35% of U.S. individuals between the ages 18 and 24 have either already used or intend to use these online payment programs. For the 25 to 34 age group, this percentage reached 34%. Meanwhile, the 35 to 54 cohort took the lead at 36%. At 28% were consumers who were 55 and older who expressed interest in online payments.

The study also found that there is a relationship between the interest in Amazon and the interest in payment plans for items that are priced lower. CivicScience found that 74% of those interested individuals find the ecommerce titan to be favourable. Meanwhile, 20% of those surveyed were neutral to Amazon.  

What this means to businesses and marketers is that they should consider the integration of payment programs such as Afterpay and Affirm. This is in addition to weighing the pros and cons of selling either on Amazon or another trusted ecommerce website. 

Of course, worldwide situations have an impact on the state of digital banking and ecommerce as well. The coronavirus (COVID-19) pandemic, for example, is changing the way consumers make their purchases. 

According to a Coresight Research survey, U.S. internet users have been avoiding public locations due to the pandemic. A significant 47.2% of respondents in the Feb. 2020 survey noted that they avoided shopping centres and malls, while 32.7% avoided shops in general. 

The need to follow social distancing measures prompted consumers to shop online and increase their dependence on ecommerce. Therefore, having an optimized and user-friendly website for online shopping purposes can be a step in the right direction for businesses that typically operate brick-and-mortar locations. 

The digital banking and ecommerce landscape is always changing. We see that not only in the rise of online sales and the increasing interest in digital payment programs, but also as a response to a worldwide pandemic. 

Adapting to these changes requires the help of a team of business and marketing experts. Let Find Your Audience be your solution. We work closely with our clients to ensure that their business goals are met. This is in addition to ensuring that thorough market research is conducted before proposing viable strategies. 

To contact the Find Your Audience team, call 647-479-0688. We can also be reached via email at hi@findyouraudience.online.