The author of this article is Bahaa Abdul Hussein. As a Fintech expert, Bahaa Abdul Hussein always shares his experience on various platforms. This time he talks about fintech being the backbone of e-commerce.
At the peak of COVID-19, many retailers who do not have that much of an online presence tried to set their foot in the digital commerce arena to meet the surging demands. So they do not lose the opportunity to make revenue that arises because of the recurring lockdowns.
There’s no second thought that the COVID-19 pandemic boosted the demand for e-commerce and people prefer to buy goods online rather than buying from physical stores. Still, many people are not aware of the fact that without financial technology, E-Commerce would not be a reality.
For many of us, Amazon is a one-stop solution but the products that are available on Amazon are limited in their range in comparison to brick and mortars retailers. But the problem with the brick and mortars retailers is that everything sold is from different suppliers.
Meanwhile, the lengthy and tiresome billing procedure tends to make consumers lose interest in the selected product. In fact, in one of the research, it has been found that with every extra click, retailers lose a potential customer. So, it’s high time to make the best out of financial technology and make payment easier and more convenient for the consumer.
Single click made possible by Fin-Tech companies has revolutionized the entire E-Commerce experience for customers. Now the bank details and shipping address is already saved and what the consumer has to just do is to one click on the page to confirm their order with the E-Commerce company.
By the time you have realized the importance of Fin-Tech in E-Commerce. Now let’s see what makes Fin-Tech so important for E-Commerce.
More efficiency
Fin-Tech provides more seamless and secure transactions. E-Commerce businesses offer customers a more convenient and faster checkout process by using online banking and payment methods.
Cybersecurity
Fin-Tech prevents fraud by improving security measures which mean account fraud is not easily possible.
International scalability
FinTech allows businesses to make an impression on wider audiences. This is made possible by global payment methods with which merchants can sell their goods and services worldwide. This creates new opportunities for all sizes of businesses.
In conclusion, As more and more consumers are shopping online. There is a huge need for businesses to rely on technology if they want to stay more competitive than others. It is pretty much clear that fin-Tech is crucial for E-Commerce to survive. Fin-Tech has revolutionized the E-commerce industry and there is no lack of certainty that it will continue to do so in the coming years.
The article has been published by the editorial board of the Fintek Diary and is authored by Bahaa Abdul Hussein. Happy Reading. For more information please visit www.fintekdiary.com
