In 2023, the rise of generative AI opened new avenues for businesses, offering transformative opportunities. When coupled with various economic, social, and technological disruptions, the dynamics of consumer-business interactions, especially in commerce, are undergoing radical changes.
Trend 1: Artificial Intelligence Steals the Spotlight
Generative AI, with its prominent application, ChatGPT, seized the public's attention in 2023. Bill Gates even likened AI to a revolution on par with the advent of the internet. In the coming year, businesses will continue to harness the benefits of this technology, ranging from efficiency gains to enhanced customer experiences.
- Speed: AI-powered biometrics streamline the checkout process for customers.
- Security: AI holds the potential to significantly enhance fraud detection accuracy.
- Productivity: AI-supported app integrations become faster and less labor-intensive.
In 2024, expect AI to elevate customer support, hasten software development, and expand friction-free payment options.
Trend 2: Embedded Payments Revolutionize Business Transactions
Embedded payments empower consumers to make purchases without leaving their preferred platforms, be it a website, social media channel, or mobile app. Fueled by fintech advancements, embedded payment solutions in 2024 will thrive across diverse industries such as healthcare, utilities, and real estate.Embedded payments can drive repeat sales, enhance cash management, enable seamless reconciliation, and more.
Trend 3: Meeting Fresh Challenges with Security and Fraud Prevention
While consumers appreciate the speed facilitated by technological innovations, businesses are increasingly wary of the growing risk posed by fraudsters and identity thieves. A majority of businesses (62%) view reducing payment fraud as an urgent concern.1
To counter evolving fraud tactics, businesses are adopting sophisticated, technology-enabled security measures, including advanced multi-factor authentication, tokenization, and encryption.
Trend 4: Live Commerce Takes Center Stage
Live commerce has been gaining momentum for years, attracting everyone from solo entrepreneurs to large retailers. Shoppable livestream events enable billions of consumers to browse products in real-time, enhancing the brand experience and streamlining the buying journey.
In 2024, 23% of businesses plan to roll out live commerce 2, presenting a significant opportunity for businesses. Discover practical tips, inspiration, and insights into how this trend will further influence payments and commerce in our trends report.
Trend 5: Next-Gen Digital Experiences Transform Payments
Consumers now expect minimal friction in their purchasing experience, and the latest technologies are exceeding these expectations. Paying has become faster and more convenient, with technologies like cashierless checkout and phone-to-phone tap-to-pay payments.
In 2023, 36% of businesses introduced cashierless checkout, and 21% are considering implementing it in 2024. 3 Experience the acceleration of technology removing friction from the buying process, from cashierless to autonomous checkouts. Dive into the gamification of payments, making the process even enjoyable.
Footnotes:
- "62% of consumers see fraud as an inevitable risk of online shopping", Helpnetsecurity, 2023. Helpnetsecurity
- "Commerce and Payment Trends Report", Amazon Web Services, 2023. Amazon Web Services
- "How customer experience drives digital transformation", Superoffice, 2023. Superoffice
Author
Writing for Touchsuite, Jonathan Bomser, is a technology and marketing expert with over 30 years of industry experience. He is a businessman, writer, artist and musician. He has vast knowledge of finance, business and technology. Jonathan is currently founding, investing and board advising in several early stage and start up companies. Jonathan has been involved in Technology, Media, Marketing and Advertising for a multitude of Fortune 500 companies for over 30 years.He has served as a strategic, creative and marketing executive and consultant for both parent companies and subsidiaries at AOL, The National Football League, The Walt Disney Company, NBC, MTV, Viacom, Time Warner, USA Today, Alliance Entertainment, WPP, Penguin USA, along with numerous other established companies, start-up ventures and reorganizations.Jonathan was the CEO and Founder of BigLinker.com, which was acquired by Ziff Davis (Nasdaq: ZD) in 2021, CEO and Founder of TownTarget.com from 2013-2015 which was acquired by Touchsuite/American Bancard in 2015 and previously Bomser Payan Interactive Agency from 2008-2012 which was acquired by Big Step Interactive/Digital Marketing Associates. Jonathan was the key developer for the technology used to power many of their successful digital campaigns. Clients included national brands such as Adidas, PNC Bank, Massage Envy, European Wax Center and others.Jonathan has also helped manage the technology initiatives, creative strategies and business development for AIM Pages.com, AOL’s Social Network. Since May 2006, Jonathan has also been consulting for technology, marketing, sales and creative strategies for Veoh.com, BigString.com, Vuguru.com and others. Before consulting for these major companies, Jonathan was a principal in En Pea Productions,Inc. which was a television production company focused on reality television, commercials and music videos. Jonathan is also the former Board Member, CEO and President of WoozyFly.Inc. Trading on under the symbol WZFY.Jonathan's current projects at AccountSend.com, VocalChimp.com and CoolValidator.com
Touchsuite is located in Boca Raton, FL and is a payment processing and point of sale company that specializes in merchant accounts, point of sale systems, Grubbrr self-ordering kiosks.
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