“With the blockchain, billions of people can not only become connected, but more important become included in financial activity, able to purchase, borrow, sell, and otherwise have a chance at building a prosperous life.” — Don and Alex Tapscott, authors of The Blockchain Revolution.
The decision to buy something, the subsequent payment and finally receiving the item: for as long as we can remember, it all happened at the same time, in the same place. The risks for buyer and vendor were shared equally. Developments in technology have completely upended traditional payments in less than two decades’ time. Online shopping has become nothing out of the ordinary. As a result, entering into an agreement, paying for the item and delivering the goods or services no longer have to take place at the same time or location. In the age of Internet, the risk has shifted to either buyer (advance payments) or vendor (payment on delivery).
Payment is the third step in the customer journey. After orientation and selection comes the time to actually pay for the item or service. In doing so, the buyer becomes the owner. In this chapter, we discuss four different trends that are set to determine how onlife consumers will pay for their purchases.
Target group: Manager
Module level: Manager
Version | 13 - 08 - 2018
Part of course: Ecommerce Strategy (ECON2)