Mobile payments revolutionizing retail industry

Retail industry beginning to see an impact from mobile payments

The retail industry has come to a crossroad wherein it must discover the best way to engage consumers from around the world. Technology has played a major role in bringing the industry to this crossroad, especially as the Internet came to determine how successful many retailers would become in the future. The advent of mobile technology sparked evolution within the retail industry, and now the rise of mobile commerce is having the same effect. The future of the retail industry is beginning to look almost entirely dependent on mobile technology and retailers that shirk the mobile space may be setting themselves up to fail in the near future.

Retailers must focus more on mobile engagement

Mobile payments are quickly becoming more common around the world. Branding Brands CEO Christopher Mason notes that the retail industry is becoming more acclimated to the mobile space, largely due to the demands coming from consumers. Despite some interest from retailers, however, Mason suggests that most in the industry lack appropriate enthusiasm when it comes to mobile payments. Mason notes that of the 500 retailers in the world, only 40% have mobile consumer interfaces, which means many of these retailers are not providing an enjoyable experience to mobile consumer, who may soon determine the fate of these retail companies with the power held in their mobile wallets.

Wal-Mart takes note of the popularity of mobile devices

Wendy Bergh, senior director of mobile and digital strategy for Wal-Mart, notes that much of her focus in recent years has been on in-store experiences and how they can be improved through the use of mobile applications. Bergh suggests that applications are an ideal way to get consumers into physical stores, by offering these consumers discounts and services that are exclusive to physical stores and the applications used therein. Wal-Mart is currently developing a scanning application that will allow consumers to find products and purchase these products directly from their mobile device.

Mobile payments may soon dominate retail industry

Mobile payments may soon come to dictate the future of the retail industry. Consumers have shown some reluctance in participating in mobile commerce, largely due to security concerns. Many of the concerns that consumers have, however, are being addressed through the development of new mobile payments services that are more secure than their predecessors. As mobile commerce becomes more secure, it is becoming increasingly likely that consumers will favor mobile payments over traditional forms of commerce.