Successful e-commerce is as much about the customer experience as anything else. Choices need to be clear but abundant; payment quick and easy—or customers will move on. Having become accustomed to purchasing goods and services seamlessly through digital channels, customers expect the same from their providers of financial products and services. Banks need to employ a lesson or two from the e-commerce giants to meet customer expectations.
With the holiday season in full swing, credit card companies anticipate a significant increase in revenue from online shopping. In fact, this year alone retail e-commerce revenues are projected to amount to 94.71 billion U.S. dollars, a 17.2 percent increase from 2015.
E-commerce sites may never completely replace Main Street stores, but online shopping is growing at a very healthy clip. In 2015, online shoppers in the US spent some $300 billion, and that figure is expected to grow to nearly $500 billion by 2018.