Mobile payments are lagging behind in physical stores
Mobile commerce is gaining momentum among consumers throughout the world, but it has yet to become a major force in the retail industry. Retailers have been showing more interest in engaging mobile consumers, largely due to the fact that mobile shopping is becoming so popular with consumers. Mobile commerce may not be as prominent in the retail space as is believed, however, according to a new report from Javelin Strategy & Research.
Only 1% of payments in physical retail stores are made from smartphones
The report shows that 9% of online transactions in the retail space are being made from smartphones. Mobile payments being made in physical stores, however, are quite low by comparison. The report notes that mobile payments with smartphones in physical stores account for only 1% of all transactions being made. When it comes to those making mobile payments in physical stores, those with iOS devices account for the most money spent and make mobile purchases more often.
Mobile payments may become more common in the future
Using a mobile device to make purchases in physical stores will likely become more common in the coming years. Retailers have been slow to embrace the concept of mobile commerce in their traditional stores, but this attitude is beginning to change due to the growing number of people that rely on their mobile devices when doing their shopping. The report from Javelin Strategy & Research predicts that mobile payments in physical stores will reach $54 billion by 2019, accounting for a significant portion of all transactions made in these stores.
Retailers are becoming more mobil-centric
Mobile commerce is considered to be quite convenient by consumers. Many of these people prefer to shop online, using their smartphones to purchase products from e-commerce sites. Retailers are beginning to adapt to the advent of mobile commerce by adopting mobile-centric practices and investing in mobile services that allow them to cater to the needs of mobile consumers that are interested in paying fro products with their smartphones.