Tag: retail industry

Mobile payments competition heats up in the retail space

| November 5, 2014

Apple Pay is experiencing resistance from retailers

The holidays are coming, and that may be a time when mobile commerce shines. Those looking to use Apple’s new payment service, Apple Pay, may find it impossible to do so, however, due to resistance from retailers. While several major retail organizations have partnered with Apple to support the launch of its new service, relatively few of these companies have taken steps to adopt mobile point-of-sale systems. These systems are meant to accept payments made from a mobile device, but they are somewhat unpopular because of their high cost.

Lack of incentives from Apple leads retailers to look for other solutions

Apple has not offered retailers an incentive to acquire mobile point-of-sale systems. Apple has also only offered modest support when it comes to providing training material for companies looking to support its new payment system. Moreover, there is an ongoing skirmish within the retail space concerning mobile payments, with many companies favoring different payment solutions. Apple Pay may experience more competition in the retail space in the near future as well.

Merchant Customer Exchange is developing its own payment system that could rival Apple Pay

Mobile payments competition heats upThe Merchant Customer Exchange, a prominent retailer consortium, has plans to offer its own mobile payment service next year. This service is to be linked to a consumer’s bank account, serving as an alternative to credit cards. The service is also being designed to track consumer purchasing habits, allowing it to provide them with discounts on products that they frequently buy. While this service will not be available until 2015, it could disrupt Apple’s plans to be the proverbial king of the hill in the mobile payments space.

Mobile is gathering more momentum throughout the retail industry, driven by consumer demand

Mobile payments have become quite important in the retail space. More people are shopping from their mobile devices than ever before, and the demand for in-store mobile payment support is growing. Retailers are scrambling to accommodate this demand, but many are having trouble doing so because of the wide variety of services and technologies currently available to them.

US retailers may be missing out on a major mobile commerce opportunity

| October 23, 2014

Retailers avoiding the mobile space could miss out on a serious revenue opportunity

The holiday season is coming and U.S. retailers could be missing out on one of the greatest mobile shopping opportunities in recent history. A new report from Jumio predicts that retailers could miss out on $8.6 billion in revenue due to outdated mobile checkout solutions. Many retailers have made attempts to engage mobile consumers by offering them new payment solutions that are mobile-centric, but old and inefficient solutions could make it hard for consumers to actually purchase products online and in physical stores.

20% of all online sales made during the fourth quarter of this year may come from mobile devices

According to data from the National Retail Federation, holiday sales for 2014 are expected to reach $616.9 billion, growing 4% over what they had been during the 2013 holiday season. An estimated $105 billion in revenue is expected to come from e-commerce. Another report from IBM suggests that approximately 20% of all online sales made during the fourth quarter will come from a mobile device. Retailers that are not prepared to engage mobile consumers could lose out on a very promising opportunity.

Mobile commerce continues to experience strong growth in the US

Mobile commerce - retailers missing outMobile commerce has become quite popular with consumers. Mobile shopping is often seen as more convenient and while most people continue to favor visiting physical stores, the demand for mobile payment services has been growing rapidly. Many consumers plan to do their holiday shopping online, using their mobile devices to research and discover products they may be interested in. Some will also be looking for ways to make their shopping experience more convenient and avoid crowds at stores. Mobile payment terminals can offer this convenience and may help make a retailer more attractive to consumers.

Outdated commerce systems cause frustration among consumers

The report notes that many people that shop online using a mobile device end up abandoning their purchases. This is due to frustrations with outdated commerce systems that are still being used by retailers. These systems make it difficult for people to complete transactions when they try to purchase products from their smartphones and tablets. Many of these systems are designed to be used on conventional computers and not mobile devices.