Today, things are constantly changing. Everything that’s big and important in the digital payments industry today might be relatively unimportant just a few years from now. It’s important, in this industry, to keep an eye towards the future, and to attempt to identify the “next big thing.” Every year, there are new, emerging verticals that experience remarkable growth relative to their prior achievements. Looking forward, there are some emerging verticals that deserve attention.
There are two emerging niche verticals that fall under the larger electronics vertical: virtual reality and video games. There has been a long and ongoing fascination, on behalf of consumers, regarding virtual reality. While the capabilities of this technology are unquestioned, the utility of it has frequently come under fire. However, this past year, with the release of virtual reality headsets, the excitement about this vertical has been reinvigorated. In 2014, revenue in this vertical was $90 million and, in 2017, revenue is projected to be $4.6 billion, per Statista. These numbers suggest that the virtual reality vertical will continue to flourish, and grow.
The video game vertical will directly benefit from the emerging popularity of virtual reality. Consumers will likely adopt virtual reality headsets and products, and will use them to enhance their video game experience. There has also been consistent technological innovation in this vertical, which has opened many new opportunities for video game merchants.
The cosmetics vertical is also one to watch. By 2019, it’s expected that this vertical will generate over $27 billion in revenue on a global scale, per Research and Markets. Consumers are increasingly investing in skin care products and different procedures that will help them lead a healthier lifestyle. In the next few years, it appears that this vertical will continue to expand.
Generally, when a vertical market is experiencing unprecedented growth, there is likely fraud on the horizon. Unfortunately for these merchants, fraudsters are experienced, and they know that in times of such growth, merchants care more about selling products than securing their digital marketplace and protecting their consumers. There is, however, a way for merchants to focus on growing their business, while ensuring their consumers are safe.
Cardinal Consumer Authentication (CCA) is an authentication solution that will let merchants put more resources towards generating sales and maximizing revenue. With CCA, merchants can create personalized rules that will identify legitimate consumers, and fraudsters in the checkout process. For merchants that work with Cardinal, fraud will be one less thing to worry about. With One Connection to Cardinal, we can Drive your Digital Commerce.