The COVID-19 pandemic has led to marked changes in how we live and work, irreversibly changing our relationship with our own finances, including what we spend our money on, and how we manage it. As a result, more consumers than ever before are shopping online, with figures suggesting that ecommerce sales in Europe alone are up 30% on pre-pandemic levels.
In line with the shift to online, consumers have become increasingly comfortable with digital payments, and in turn customer demand for more flexible ways to pay for goods and services has never been higher.
The rise in ecommerce highlights a key opportunity for both enterprise and mid-range merchants to scale internationally by reaching new, digitally savvy customer bases. For newer merchants with smaller payments ecosystems, or well-established brands relying on legacy infrastructure, mass digital adoption can place a lot of stress on networks which haven’t been set up to manage the volume and complexity of cross-border commerce. As more merchants expand into new markets, Payment Orchestration will be imperative to give consumers the flexibility to pay how they want, and allow merchants to adapt and grow.
