Mobile commerce continues to grow more popular, but the market is becoming very fickle
Mobile payments are growing in popularity, but they have yet to reach their full potential. The mobile commerce space is constantly shifting as new payment services are introduced and companies move from one of these services to another very quickly. With businesses constantly changing the payment services they use, or opting to develop their own, it can be difficult for any single mobile commerce platform to gain traction. This can also lead to some confusion among consumers.
Convenience is what drives mobile commerce adoption
Mobile commerce is convenient, which is part of its appeal to consumers. Using a service like Apple Pay, someone can pay for goods and services with the information on their mobile device, removing the need to carry any kind of physical currency around. Digital wallets also serve as a replacement for conventional wallets. These applications have the ability to store credit card and payment information, as well as discount deals and special offers from retailers.
Retailers are moving from one mobile commerce service to the next, with some deciding to develop their own solution
While there are some mobile commerce platforms that have managed to find success, many more are struggling to engage consumers, and the fickleness of businesses may be to blame. Convenience store chain 7-Eleven had been using an existing mobile payments solution in order to engage mobile consumers more effectively, but the company has decided to develop its own solution. As such, customers that have come to expect mobile payment support from 7-Eleven stores will have to wait until the company launches its own offering.
Restaurants are being affected by fluctuations in the mobile commerce market
Several restaurants have embraced the concept of mobile commerce, but they often move from one payment solution to the next. For restaurants that rely on a third party mobile commerce organization, any change that such an organization makes to its business structure or the services it offers can have an impact on a restaurant’s ability to accept mobile payments.
The report also shows that consumers are more willing to spend money on optimized sites. Mobile shoppers spent an average of 70% more money on a mobile optimized site than on non-optimized sites. Smartphone users are also spending more money than those shopping from a PC or laptop, according to the report. Impulse purchases may be part of the reason behind this, as mobile shoppers are more inclined to make a seemingly spontaneous purchase than those shopping on a PC or laptop.