Technological trends for marketplaces in 2024 and impact on payment solutions

Marketplaces are evolving quickly, driven by technological advances and new user expectations. In 2024, innovations such as artificial intelligence, augmented reality, and blockchain redefine the standards of these platforms, creating new opportunities and challenges for operators. In this context, payment solutions are key in adapting to the challenges and offering a fluid and secure user experience. 

Artificial intelligence at the heart of marketplaces

Advanced customisation of the user experience

Marketplaces are now using artificial intelligence to offer ultra-personalised customer experiences. Recommendation algorithms can refine product suggestions according to user preferences, maximising engagement and satisfaction.

Intelligent chatbots, integrated into the payment process, improve customer service by quickly answering questions and guiding users through their transactions. In addition, personalised payment recommendations help users choose the payment method best suited to their needs, boosting satisfaction and loyalty.

Optimisation of operations using AI

Beyond the user experience, AI has become an essential ally for marketplaces in optimising internal operations. For example, when it comes to stock management, predictive AI algorithms can be used to anticipate demand with high accuracy, thereby reducing the costs associated with overstocking or supply disruptions. 

In addition, real-time fraud detection tools use machine learning to analyse suspicious transactions in real-time, reducing risk and increasing security. Lemonway, aware of the importance of AI, integrates credit scoring systems to assess the creditworthiness of users, facilitating proactive risk management. Merchant onboarding is also automated, making verifying and validating their identity easier and quicker.

The rise of augmented and virtual reality

Virtual fitting and product visualisation

Augmented reality (AR) and virtual reality (VR) are transforming e-commerce by making the experience more immersive. Marketplaces for fashion, home decoration and furnishings are integrating virtual fitting, allowing users to visualise items in their own homes before purchasing them. Virtual tours offer a real-time, remote preview of properties or destinations in real estate and tourism. These innovations require payment solutions integrated into AR/VR environments, where instant payments are becoming the norm to enable a seamless experience.

Metaverse

Virtual marketplaces are also emerging in the metaverse, creating new business models around digital assets. These environments pose unprecedented challenges for payment service providers, who must adapt their solutions to accept transactions in these virtual spaces and manage the payment methods available while ensuring compliance with local regulations. 

The boom in blockchain-based marketplaces

Blockchain enables assets to be tokenised, making it easier to split ownership. This trend paves the way for new models of participatory financing and investment. For payment providers, this means managing microtransactions and programmable payments via smart contracts to improve the efficiency and transparency of transactions. 

Hyper-personalisation thanks to Big Data

Predictive analysis and dynamic pricing

Big Data enables marketplaces to analyse user behaviour in real-time and predict consumer trends. Thanks to these analyses, operators can adjust prices in real-time. This means offering personalised financing options and real-time scoring for payment solutions, facilitating the user experience. 

Ultra-targeted niche marketplaces

Marketplaces are becoming increasingly specialised to meet the specific needs of specific communities. Payment service providers need to adapt by offering tailor-made solutions that consider the particular features of these niche markets. 

The growing integration of mobile and IoT technologies

Contactless and biometric payments

Smartphone payments and biometric authentication methods like facial recognition or fingerprints are becoming standard on marketplaces. The widespread use of these payment methods means payment services providers like Lemonway must integrate advanced technologies, such as NFC and biometric systems, to guarantee fast, secure and frictionless transactions.

Marketplaces connected to the Internet of Things (IoT)

The IoT is also transforming marketplaces by enabling automated ordering from connected devices. This brings new challenges for payment solutions, which need to facilitate automated and recurring transactions, essential for subscription-based services or intelligent restocking.

Lemonway, a partner for adapting to new technologies 

Lemonway is at the forefront of technological innovation as a payment services provider for marketplaces. With solutions compliant with regulations, secure, and scalable, Lemonway meets the requirements of marketplaces by offering them a robust and innovative payment infrastructure. 

Contact Lemonway to learn more about our payment solutions for tomorrow's marketplaces and benefit from our expertise in supporting your digital transformation.