Ecommerce.co.za

The future of payments is unified

by David Adams: Southern Africa Regional Managing Director at Network International.
The general movement of retail and payments has always been towards convenience. Unified Commerce embodies this, bringing us into a new age of integration where all functions and channels of a business converge to a single, seamless experience for buyers and sellers. It’s the next step in the evolution of commerce, following on from the multi- and omni-channel approaches that have characterised the retail space in the past few of years.

One of the key takeaways of our recent State of Pay report is that implementing a Unified Commerce approach – whether it’s an omnichannel point-of-sale system or APIs to connect various systems – ultimately improves the customer experience. At the same time, it also introduces opportunities for efficiencies and growth for business owners. Traditionally, online and physical stores operate in silos, effectively running as separate business lines. By centralising all business functions into a single view, Unified Commerce enhances operational efficiency, enabling merchants to pivot across channels when it comes to moving stock, running promotions, and storing customer rewards and preferences.

As part of our merchant survey, we asked whether local businesses knew about Unified Commerce and whether they had implemented it. While 35% of merchants haven’t ever heard of the concept, 42% are using a centralised payment platform – meaning they’re already heading in the right direction.

We also delved into the rise of marketplaces and their impact on small and independent merchants.

The overwhelming sentiment is positive, with 71% considering it an opportunity to reach more customers, drive innovation and promote growth in the ecommerce sector. Recognising that this comes with its own set of challenges, the overall impression is that South African businesses are built on grit and determination – a quality that stands these businesses in good stead.

Useful resources:
Payfast
Payfast by Network is a payments processing service that enables South African merchants to receive payments from local and international buyers.
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