Gartner releases a report highlighting changing consumer behavior and mobile commerce growth
Gartner has released a new report that suggest that mobile behavior in the United States will continue to drive revenue growth in the mobile commerce space. The report highlights a “rampant” growth in interest in mobile payments, and this interest is expected to accelerate the growth of mobile commerce this year. Consumers are growing more comfortable with the concept of mobile shopping and, as such, are beginning to participate in this practice more regularly.
Mobile commerce revenue in the United States is expected to double this year
According to the report, mobile commerce revenue in the United States is expected to double this year. Many sectors of the mobile commerce field are expected to experience a 22% increase in revenue in 2015, with mobile commerce revenue as a whole growing by 50% in 2017. This growth is being powered by the number of people that are participating in mobile payments. As more people embrace mobile shopping, revenue in the mobile space will continue to grow at a rapid pace.
Large retailers may not to embrace mobile commerce more quickly than smaller retailers
While retailers have been showing more interest in mobile commerce, large companies may not need to accelerate their mobile initiatives to engage consumers. Large retailers will likely continue to focus on traditional engagement strategies, as in-store experiences continue to be the most critical part of their business strategies. Smaller retailers, however, may see great benefit by embracing mobile commerce, as it will allow them to better compete with their larger counterparts and attract the growing mobile audience that is becoming more influential.
New standards could lead to safer mobile transactions in 2015
The report notes that changing credit card standard will lead to a shift in liability for fraudulent transactions this year. Retailers will be required to make updates to their point-of-sale systems in order to comply with these new standards. The standards are meant to support safer credit card purchases and make room for the growing prominence of mobile payments in the retail space.
Though much of the mobile payments space is governed by NFC technology, Samsung Pay may not be exclusive to those with NFC-enabled devices. The new platform is expected to be able to support mobile transactions even without utilizing NFC technology. This could make it more accommodating to consumers that do not have NFC-enabled devices and make it more accessible to the retail industry as a whole. Retailers without NFC-enable point-of-sale systems would be able to accept transactions made through Samsung Pay.