Wearable technology may be advancing mobile payments

Retailers may need to change their strategies to engage consumers more effectively

Apple has released its new wearable device, called the Watch, and many consumers have shown interest in the product. Though Apple Watch has received criticism for its expensive nature, many consumers have found the device useful, especially because it can be used to make mobile payments. While consumers may be showing favor in Watch, retailers may have to revise their marketing strategies in order to better engage mobile consumers with this device.

Micro-moments are becoming more important to retailers

Julie Ask of Forrester Research suggests that retailers need to focus on “micro-moments” when it comes to Apple Watch. The micro-moments are times when consumers interact with mobile devices. These interactions tend to be short-lived, as consumers often check their devices to see social media updates and access their email accounts. Advertisements could be quite effective if  they are situated in these micro-moments, as consumers will be exposed to these ads when they check their mobile devices, including wearable devices.

Consumers are showing greater interest in mobile payments

Consumers are becoming increasingly interested in mobile payments, which is a trend that is making micro-moments more important. If retailers can effectively leverage these moments to their advantage, they may establish a much stronger position in the mobile market. They will have to change their marketing strategies, however, if they want to engage mobile consumers, especially those with wearable devices. These consumers tend to be somewhat resistant to traditional marketing endeavors, but their attention is often capture by mobile-centric strategies that take note of the importance of mobile technology.

Wearable technology could drive further growth in the mobile payments space

According to a recent report from Forrester Research, 40% of online consumers are tired of pulling out their smartphones to make a purchase. As such, wearable devices are becoming more popular. These devices act in much the same way that conventional smartphones do and have the ability to make mobile payments. Consumers are aligning themselves with wearable technology quite readily, which could lead to significant growth in the wearable sector in the coming years.