Category: Mobile Payments

Google may look to revise its mobile payments strategy

| January 23, 2015

Google could be looking for a way to be more competitive in the mobile field

Google may be looking for ways to better compete with Apple in the mobile payments field. The company made its first significant entry into the mobile payments field with the launch of Google Wallet in 2011. The Wallet was troubled by security issues in its early days, but went on to find modest success among consumers and businesses. With the launch of other payment services, such as Apple Pay, Google has begun to worry about its ability to compete.

Company may unveil changes to its payment service in the coming months

The mobile payments space is fiercely competitive, largely due to the huge companies that are investing heavily in their own dominance of the sector. Finding ways to compete in this sector is not easy, as most mobile payment platforms tend to offer the same features as one another. Google may choose to showcase its plans for the future of mobile payments at its upcoming Google I/O conference, which will be held in June of this year. If the company introduces any major changes to the Wallet platform, the event will be the most likely place to do so.

Analysts predict that Google will become bolder in the mobile payments sector

Google Mobile PaymentsAnalysts from Piper Jaffray are predicting that Google will take bold moves in the mobile commerce space. The company has not made reference to such moves yet, but Google has long held an interest in mobile transactions and engaging mobile consumers. With Apple Pay being a direct competitor to Google Wallet, the company may take steps to ensure that it can capture the support of consumers and businesses and make its own payment platform more attractive than those being offered by other companies.

No single mobile commerce service has yet become a mainstream success

Apple Pay has helped propel mobile payments into the mainstream, but the payment platform itself has not yet become a widespread success. Very few payment services have managed to find reliable support among consumers and businesses. Part of this is due to the fact that consumers can move from one payment service to the next, depending on what features they want to use at any given time.

Mobile commerce is becoming more important for retailers

| January 22, 2015

Mobile and social channels may help the e-commerce sector grow more this year

Mobile and social channels may be the key drivers of e-commerce growth this year, according to Monetate. The firm notes that mobile commerce, in particular, experienced a period of healthy growth and activity during the 2014 holiday season. During this time, mobile purchases increased by 45% over what they had been during the time period of 2013. Approximately 16% of all e-commerce traffic came from mobile devices as well, making mobile a valuable channel for the larger digital commerce space.

Improved mobile experience may be needed in order to ensure that consumers continue to shop on their smartphones and tablets

Monetate notes that mobile experiences are improving, which is making it more likely for consumers to participate in mobile payments in some way. A good experience encourages consumers to continue using their mobile devices to shop for and purchase products online and at physical stores. Poor experiences have the opposite effect, especially if they become inconvenient and considered a burden to consumers that have come to favor mobility.

Engaging consumers in innovative ways can bring them deeper into the world of mobile commerce

mobile commerce and retailEngaging mobile consumers can be extremely difficult. Monetate notes that businesses that want to engage in mobile consumers must do so in a specialized manner. According to the firm, bounce rates on mobile devices are 50% higher than on desktop computers, and consumers are 30% less likely to add products to their online shopping carts when shopping. Finding ways to create a frictionless, convenient, and enjoyable mobile experience can ensure that businesses have the ability to engage mobile consumers effectively.

Loyalty programs could be the key to further success in the mobile commerce space

Loyalty programs may be one of the first steps in driving deeper personalization of the mobile shopping experience. These programs offer rewards to shoppers that favor particular retailers. Monetate notes that these programs are the most profitable type of initiative that retailers can utilize. They also exist as a way for consumers to customize their experiences with the retailers that they are supporting.