For most of us, the way we purchase retail goods as consumers has changed dramatically over the past few years. The plethora of payment options, add-on services, targeted offerings, financing solutions, delivery methods and other innovations to our buying journey as consumers, makes it hard to imagine that not too long ago the most innovative way to purchase was to choose what you want out of a printed catalog and send the seller a check via snail-mail.
This drastic change in the way we purchase retail goods required two distinct steps-
1) digital transformation of the buyer journey
2) embedding of financial services into the digitalized buyer journey. However, while for consumer retail purchases and other industries such as financial services, media and healthcare, digital transformation has been in full swing for several years, ithasn’t equally matured across all industries and all transaction types. For example, we might be regularly buying from digital-only retail brands offering BNPL (buy now, pay later) solutions for our personal needs, and at the same time still choosing items out of a catalog, speaking manually with sales teams and sending vendors payments via check when making B2B transactions on behalf of our workplace.
The same is true in the real estate industry. You can still find GenZ tenants in large cities buying clothes off an app in the morning, and then heading to the post office in the afternoon to send their landlord a check together with the paper rent slip she left at their doorstep. Or a construction contractor who pays at the local coffee shop with his phone, but when it comes to the materials procurement process in his construction project, he is still using an offline spreadsheet to track the manual payments his accounting team is making to each vendor.