The economic conditions have put this year’s holiday shopping to a staggering halt. This has led to ABCs of shopping getting some useful tinkering. The economy has put consumers and businesses in an unfamiliar situation. Both of them don’t know what to do. This has led them to make some strong decisions.
The consumers are going to make some difficult decisions. They are going to be as per their financial condition. They believe that they should tighten the budget and lower their expenses. The businesses will try to guess the mood of customers. They will try to lure customers by using the new ABCs of retailers and businesses.
A in ABCs stands for Average selling price. All the major brands are coming down to an attractive ASP. But this is a difficult task as it involves lots of guesswork on the mood of customers. That is why artificial intelligence is coming to their aid. Businesses are using AI to find the right price optimization for customers at the right time.
B in ABCs stands for BNPL. The literal full form of BNPL is buying now, paying later. This payment is growing at an exponential rate. Both the customers and the retailers are finding it very attractive. This method has more customers and retailers daily. This method of payment enables an easier payment experience than other payment methods.
The BNPL has many disadvantages as well. But despite that, the growth of this method is very good. A recent survey pointed out that the sales of retailers got a boost when they used BNPL. This shows that customers like to use it for its convenience and hassle-free process.
C in ABCs stands for card credentials. Customers find it very difficult to enter their card info every time they buy some time. We have gone through this situation. But retailers saw a massive boost when they allowed customers to store their card info. This makes the process fast and convenient. But we still have some work to do here, like cybersecurity management.