Voice of the Industry

Transformative trends in ecommerce and what to expect in 2024

Thursday 7 December 2023 10:41 CET | Editor: Irina Ionescu | Voice of the industry

Lee Jones, CEO of Merchant Services UK at Worldline, discusses the dynamic evolution in payments and the three key trends for merchants to consider moving into 2024. Emphasising the vital role of cutting-edge technologies, he stresses the need for retailers to ensure frictionless customer experiences and robust, fraud-resistant payment solutions.

The past couple of years have seen an extraordinary transformation in the realm of payments, marked by strong evolution and a shifting narrative within the sector. As the curtain closes on 2023, payments are set to continue their role as the vital link between individuals and businesses across physical and digital worlds. No longer confined to financial transactions, the payments industry has evolved into a comprehensive and vibrant ecosystem of financial and lifestyle services - a network of connectivity and data exchange.

Worldline's recent research report highlights a significant shift in consumer behaviour, with 77% shopping online more than once a month, solidifying ecommerce as the new business norm. Despite this, consumer apprehension regarding associated fraud risks remains prevalent. To thrive in this environment, online retailers must capitalise on global technologies to create a seamless and secure customer experience across various platforms. Additionally, operations and revenue streams, expanding cross-border operations and introducing innovative shopping and payment methods are imperative. Prioritising these facets will distinguish merchants and pave the way for thriving success within the fiercely competitive realm of ecommerce.

Enhanced convenience and customer loyalty

Backed by research, today’s consumers expect a memorable experience from start to finish. To meet their changing demands, many of our merchants have embraced transformative strategies like tokenization and subscription models. These advancements significantly elevate the efficiency, security, and user-friendliness of transactions, ensuring an elevated customer journey from initiation to completion.

However, it is crucial to recognise that consumer loyalty thrives on reciprocal value. Customers not only seek convenience but also expect empathetic gestures, including fair pricing, enticing promotions, loyalty programmes, and complimentary delivery. To leverage stored payment data effectively, merchants can analyse customer preferences, providing personalised recommendations and targeted promotions. This tailored approach, proven to heighten engagement and loyalty, resonates with 70% of Europeans, who express purchasing temptation when offered personalised discounts and content.

The essence lies in creating an experience that feels bespoke — a meticulous curation that caters precisely to individual needs. Moreover, our research underscores the importance of offering cutting-edge payment methods, signalling a commitment to technological advancement, a key driver in nurturing customer allegiance. A modern, tech-savvy image holds particular significance, especially among younger demographics, drawn to brands embracing innovative payment solutions.

To truly excel, businesses should intertwine these practices with customer-centric strategies — harnessing reviews, ensuring responsive support, flexible return policies, and continuous refinement based on customer feedback. This relentless commitment to improving shopping and payment experiences guarantees ongoing improvement, ultimately fostering lasting customer loyalty in the ever-evolving ecommerce landscape.

Combatting fraud through technology

Technology is also a powerful ally in the ongoing battle against fraud in ecommerce. Artificial Intelligence (AI) and two-factor authentication (2FA) have already significantly enhanced the security measures across the sector.

However, according to Juniper Research, losses on ecommerce payment fraud hit USD 41 million in 2022, and will exceed USD 48 billion globally by the end of 2023. Of this startling figure, Europe is identified as accounting for 26 % of fraud by value. In the UK, the National Cyber Security Centre issued a press release in November 2023 warning consumers that cyber criminals are likely to use AI technology such as large language models to produce more convincing fraud emails, fake adverts, and bogus websites. 

The new Payment Services Directive (PSD3) regulation, with its focus on enhanced customer authentication, is expected to add an extra layer of security. While a clear timeline for implementation is pending, it is expected that PSD3 will prevent and reduce payment fraud by facilitating information exchange among Payment Service Providers (PSPs). This includes enhancing consumer awareness, reinforcing customer authentication rules, and expanding refund rights for individuals affected by fraud. Until then, it is essential that online retailers choose a PSP that offers a holistic package with a strong focus on reducing fraud risk and ensuring the safety of sensitive payment information.

Prioritising the merchant experience

Across our client base, prioritising the merchant experience has become a key trend in current strategies, with a focus on cross-border expansion and strategic partnerships. Online retailers are partnering with local PSPs, logistics firms, and ecommerce platforms to ease entry into international markets. Despite challenges like diverse payment preferences and regulatory compliance, global businesses benefit from substantial opportunities.

In the last decade, merchants have evolved into forward-thinking innovators, particularly evident in their transformative approach to the payment landscape. The integration of innovative technologies is proof to this evolution. A noteworthy example from 2023 is Tap on Mobile, a solution that revolutionises payment processes by enabling secure and convenient transactions directly on mobile devices, eliminating the need for additional hardware. Live shopping is another example. This bridge between traditional in-person and online shopping adds an interactive dimension to the shopping experience and allows merchants to engage with customers in real-time. 

Today, digital payments and transfers, that are secure and almost instant are a reality. The next decade holds the promise of revolutionising the payments landscape in unprecedented ways, ushering in a new era of financial services where payments take the lead.


The trends highlighted above underscore the industry's evolution into a dynamic and interconnected ecosystem. The embrace of innovative shopping experiences and subscription models reflects a dedication to convenience and customer-centricity. As online shopping continues to combat fraud through technological advancements and prioritises the merchant experience, it is poised for a future where payments seamlessly transcend borders, platforms, and modes of interaction. This shift towards a digital payment era encapsulates the essence of fostering enduring connections and trust, transcending mere transactions.

If you are ready to review your setup or seek advice on upcoming trends, our experts are just a click away from helping you deliver unparalleled experiences for your customers.

About Lee Jones

Lee is the Chief Executive Officer for Worldline Merchant Services UK and, alongside his team, has an unparalleled track record of helping organisations deliver a reliable, secure, and fuss-free checkout experience. Having held a variety of leadership roles with market leading technology companies over a 20-year period, Lee is passionate about driving solutions that deliver real value to his customers. 

About Worldline 

Worldline is a global leader in the payments industry and the technology partner of choice for merchants, banks, and acquirers. Powered by 18,000 employees in more than 40 countries, Worldline provides its clients with sustainable, trusted, and innovative solutions fostering their growth. Services offered by Worldline include instore and online commercial acquiring, highly secure payment transaction processing and numerous digital services. In 2022 Worldline generated a revenue close to EUR 4.4 billion. 

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Keywords: ecommerce, ecommerce platform, online platform, online shopping, online payments, payments , digital payments, Tap-to-Pay, PSP, payment fraud, artificial intelligence, two-factor authentication, PSD3
Categories: Payments & Commerce
Companies: Worldline
Countries: World
This article is part of category

Payments & Commerce


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