Finance Derivative interviewed Nathan Shinn, BillingPlatform Co-Founder and CSO to learn more about how the number of different billing and payment options has grown in recent years. This is particularly important as we navigate the lingering impact of the COVID-19 pandemic, through to the cost-of-living crisis and rising inflation. This concoction of economic pressures means that many have had to find ways to cut down on their expenditure and remain financially stable.
Consumer activity has been notably impacted due to these factors, as seen through a decline in streaming subscriptions and more people turning to alternative payment plans like the “buy now pay later” method. However, it is not just individuals that are feeling the effects, businesses are also under increased pressure to ensure they are being efficient in their spending to alleviate the financial impact of the past few challenging years.
Whether selling to companies or consumers, changing or reducing spending habits will be disheartening and worrying to hear for many. While this concern is understandable, providers should also see it as a wake-up call to adapt and meet these new expectations to avoid being left behind. Firms need to rethink the purchasing options they are offering customers and, fundamentally, rethink their business models to meet evolving demands.