On-line marketplaces are leaving a whole bunch of billions of {dollars} on the desk by failing to supply real-time, digital cost choices, a brand new report finds.
COVID-19 has offered an enormous booster shot to the digital financial system, with customers and companies alike more and more counting on on-line marketplaces to purchase and promote all the pieces from groceries to cleansing provides.
Sixty-two p.c of small companies — and 78 p.c of particular person sellers as properly — are turning to on-line marketplaces to seek out new prospects, in accordance with “In The Marketplaces As Retail’s New Front Door: What Sellers Need To Thrive In This New Digital World,” a brand new report by Fintech Zoom.
Working with Visa, Fintech Zoom surveyed 1,049 sellers on the usage of on-line marketplaces by each particular person sellers and companies and what could be achieved to enhance cash circulation points that stay a big disadvantage to a few of these companies.
However whereas curiosity in on-line marketplaces is rising explosively, the report additionally provides a warning as properly.
Because of sluggish cost techniques, many sellers who depend on these on-line marketplaces to do enterprise are open to creating a change if a competing market have been to supply real-time settlement.
Because it stands now, the typical enterprise waits three days for funds to settle after making a sale, with small companies and particular person sellers ready two days. At a time when many companies massive and small combating liquidity and cash circulation points, the wait occasions are a big supply of discontent.
Sixty-three p.c of small companies informed Fintech Zoom that they might be keen to change marketplaces so as get quicker entry to sale proceeds, with 61 p.c of particular person sellers additionally expressing curiosity in a possible change.
That quantities to $129 billion to $216 billion in gross sales that may very well be up for grabs by on-line marketplaces that provide real-time, digital cost choices, the report finds.
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