A recent report has predicted that by 2023, half of all social media users will have adopted embedded payments. This means that users will be able to make purchases directly through social media platforms, without having to leave the app or website.
This trend is already starting to take shape, with platforms like Instagram and Facebook already offering in-app purchasing options. For example, Instagram allows businesses to tag products in their posts, which users can then click on to purchase directly through the app.
The report suggests that this trend will only continue to grow, with more and more social media platforms incorporating embedded payments into their offerings. This is driven by a number of factors, including the increasing popularity of mobile commerce and the desire for a seamless user experience.
One of the key benefits of embedded payments is convenience. By allowing users to make purchases without leaving the app, social media platforms are able to provide a more streamlined and efficient shopping experience. This is particularly important for mobile users, who may not want to navigate away from the app to complete a purchase.
Another benefit is increased revenue for businesses. By offering in-app purchasing options, businesses are able to capture more sales and reduce cart abandonment rates. This is because users are more likely to complete a purchase if they can do so quickly and easily within the app.
However, there are also some potential drawbacks to embedded payments. One concern is security, as users may be hesitant to enter their payment information directly into a social media platform. There is also the risk of fraud and scams, as bad actors may try to take advantage of the in-app purchasing system.
Overall, it seems likely that embedded payments will continue to grow in popularity over the next few years. As social media platforms look for ways to monetize their offerings and provide a better user experience, in-app purchasing options are likely to become increasingly common. However, it will be important for platforms and businesses to address any security concerns and ensure that users feel comfortable making purchases through these channels.
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- Source: Plato Data Intelligence: PlatoData