Long December evenings are a great opportunity to catch up on industry news. Reading the 59th edition of the Advox Press Release, which offers a subjective compilation of the most interesting news from the world of eCommerce, will help you do just that! Are you curious about which forms of online payments Poles chose to use in 2023? Wondering what trends are currently shaping the market? Or perhaps you want to learn about the latest EU legislative proposals regarding parcel delivery? You'll read about all this in this edition of our publication. We urge you to read!
Why have Poles fallen in love with deferred payments? PayPo Report
Although terms like "deferred payments" or "Buy Now, Pay Later" were just industry novelties until recently, they have quickly gained significant popularity among eCommerce customers. This is confirmed by the PayPo report titled: "Płatności odroczone w Polsce 2023", according to which this method turned out to be the second most popular form of payment (after BLIK payments) in 2023 among Poles shopping online.
What else can be gleaned from the publication?
- Deferred payments are most popular among people aged 18 to 24, with as many as 74% of respondents using them.
- Those using Buy Now, Pay Later services consider their biggest advantages to be: convenience (54%) and the safe possibility of paying later for unplanned expenses(56%).
- 69% of respondents indicated that they have abandoned their shopping cart due to the lack of deferred payment options in an online store.
- The vast majority of BNPL users (63%) settle their debts within 30 days. Just under 7% of respondents choose to split the order amount into installments.
When choosing an online payment method, customers consider key issues - they expect the payment process to be fast, simple, intuitive, and safe. The number of people opting for deferred payments is continually rising - PayPo's services are now used by 1.5 million consumers, characterised by even five times higher average annual expenditures than eCommerce users who opt for classic payment methods in Poland.
Read the full version of the report to learn more about the deferred payment market. Does your online store offer BNPL services?
Will reusable packaging become the standard in Europe?
Reusable or recyclable packaging currently serves as a distinguishing feature for online stores. This way of packaging shipments may soon become the standard, thanks to an EU directive that could transform the delivery market.
In mid-November, the European Parliament voted on amendments to the directive on packaging and packaging waste (94/62/EC). According to the new provisions, by 2030 all packaging should be reusable or recyclable. Additionally, at least 10% of all shipments should operate within a so-called "closed loop". This means that consumers will be obligated to return the packaging, even if they keep all the products.
Although the aim of the new regulations is to reduce environmental pollution resulting from the increase in the number of shipments, the EU's proposals have met with criticism. Many people emphasise that implementing such changes requires simultaneously establishing uniform logistical standards throughout Europe. Moreover, the European Parliament has not yet announced when the developed amendments would come into force. Further arrangements require developing a common position with the European Council.
What do you think, will the proposed changes be reflected in practice? Read more about the European Union's work in the field of eCommerce logistics here.
These trends dominated in 2023. Retail Barometer study
What was the eCommerce industry buzzing about in 2023? Experts from Future Mind studied the dominant trends shaping online commerce in recent months. The Retail Barometer study shows that among the most important trends of this year, the biggest impact on the market had:
- phygital (21%) - this term describes the combination of physical shopping experiences with virtual ones (e.g., online shopping with the option to pick up in-store). This approach is gaining popularity among customers, especially considering the full return to post-pandemic reality.
- artificial intelligence (20%) - online stores are using AI to improve a growing number of their operations. AI algorithms enable more efficient services, personalization of shopping experiences, and deeper data analysis.
- personalization (16%) and localization (14%) - e-stores continue to invest in technologies that allow for the collection and analysis of data on customer behaviour, product preferences, and location. This enables them to tailor their offerings to individual needs and local preferences, increasing customer loyalty.
- omnichannel experience (5%) - omnichannel experiences are a fundamental part of the sales strategy, integrating different sales channels (website, mobile app, marketplace, etc.) into a cohesive whole. This approach allows for better synchronisation of offers, inventory, and customer service.
2023 can be considered a breakthrough year for the eCommerce industry. In recent months, a plethora of diverse AI-driven tools have emerged, and consumers are using various forms of shopping, expecting each to meet their expectations.
What changes do you think the next year will bring? Before you ponder the answer, learn about the detailed results of this year's study.
