Digital commerce platforms are leaning heavily into payment processing to grow revenues and enhance customer engagement. But it’s still early innings: They are ripe for payment provider partnerships that can evolve as the platforms grow.
Digital commerce platforms are expanding beyond helping businesses build, manage, and scale their online stores to providing payments solutions. This is a boon to platforms and their payment provider partners, which both benefit from enhancing platforms’ merchant relationships and building new revenue streams.
Key Question: How is digital commerce platforms’ embrace of payment processing contributing to their overall growth?
KEY STAT: US digital commerce platforms’ gross payment value will increase 9.0% in 2023—capturing an increasingly higher share of their retail ecommerce sales, even as sales growth falls below pre-pandemic levels.
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Table of Contents
Digital commerce platforms are fast becoming payment providers.
3 leading digital commerce platforms process merchant payments in-house.
2 other major platforms provide payments through partnerships.
What do payments solutions providers need to focus on in 2023?
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