What’s coming next in ecommerce? In this session Tosin Oke, Director of Sales at Payoneer, looks into his crystal ball to share his insights on the future of the industry.
It could take until 2023 before life finally stabilizes to a new normal, according to Tosin Oke, Director of Sales at Payoneer.
Walking through what Payoneer sees as the timeline of ecommerce, he said that 2021 had been about a concentration on digitalization. This saw brands new to the digital space as well as a ramping up of efforts for those brands already selling online.
He said Payoneer had several brands and sellers approaching the company for help in their move to digital and said it was something that all brands needed to consider in order to not get beaten by their competitors. “You don’t want to be the person that does it last,” he said.
By 2022, Oke believes the focus will be on adaptation, for example, businesses focusing on new strategies to acquire new customers. 2023, meanwhile, will be the year of stabilization, he said. “That will be the actual year where we will see a real new normal, where people have got used to purchasing more things digitally and brands have got used to having a digital as well as a high street presence.”
Marketplaces will be a key part of this, he said, as they expand internationally and offer more services - such as store advances and lending - to help create a stickiness for brands. “I see marketplaces becoming experts in lending and growing massively into 2022 and beyond because they are offering this,“ he said.
Consumer habits are also changing. he said, with higher expectations such as the desire for a wider range of payment options including Buy Now, Pay Later. Sellers are also expanding, he said, moving into new marketplaces and offering more products and managed services. “It’s a really positive time to be part of ecommerce,” said Oke.
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