Tag: mobile commerce

VocaLink study sheds light on consumer interests in mobile payments

VocaLink, an international payments firm, has released a new study that aims to provide insight on what consumers want to see in the realm of mobile payments. The study focuses primarily on consumers in the United Kingdom and aims to shed light on their behavior and what they want to see emerge from the mobile commerce field. According to the study, many consumers are eager for banking and mobile payments services, but many of these consumers are already making use of these services in many parts of the country.

Study shows many smartphone owners are participating in mobile commerce

According to the study, approximately 60% of UK consumers own a smartphone and are making use of various mobile payments services. Adoption of mobile commerce is most prolific among the youngest generation of consumers, largely due to the fact that these consumers have grown up steeped in technology. Older consumers are interested in mobile payments as well, but have shown more interest in other convenient services that the mobile space has to offer, such as those found in the realm of banking.

UK mobile payments are mostly money transfers between friends and family

Mobile payments are becoming more common throughout the United Kingdom, but the study shows that many of these payments are not actually made to purchase products from companies. According to the survey, many mobile transactions are made between consumers and their friends or family members. The study shows that consumers are also using their mobile devices to pay for parking access, while approximately 3% of consumers are using their devices to purchase groceries and other products.

Banks could play vital role in growth of mobile commerce

The study suggests that the United Kingdom’s banks and other financial service firms hold a great deal of sway in the realm of mobile commerce. Not only do banks manage the various aspects of commerce throughout the country, they also have the ability to enable mobile payments services. The study shows that 60% of consumers that have participated in mobile commerce claim they would be more inclined to make mobile payments if such services were supported by their chosen banks.

This massive retailer is seeking to expand its reach by taking massive steps into mobile.

The largest retailer in the world, Walmart, has announced that it is attempting to use m-commerce technology to enhance the shopping experience that it provides within its stores while it continues to focus on pleasing its customers.

This, according to the company’s global head of mobile, Gibu Thomas, in a prepared statement.

By accomplishing this goal and maximizing the potential that m-commerce has to offer the retailer, Walmart believes that it will generate an additional $689 billion in sales that have been influenced by mobile, by 2016. The company is coming to recognize that the future of retail is about returning to the past values for a personalized experience.

It feels that m-commerce will help it to provide an experience that is customized to each consumer.

According to Thomas, “The future of retailing is the history of retailing — a personalized interactive experience for every customer delivered from a smartphone.” He added that m-commerce tools will be used for addressing the needs of consumers above all else, particularly in terms of saving them time and money.

Thomas added that “It doesn’t always have to be the cutting edge whizz-bang feature to get the kind of impact you want for your customer. It could be simple things that fit their everyday needs.” As 90 percent of the purchases made at Walmart are still occurring within its brick and mortar locations – despite heavy attempts to push its online shopping experience – it is clear that it is the in store experience that holds the greatest opportunity.

Therefore, Walmart is seeking to use m-commerce tools that are “indispensable” to customers for its in store shopping, as opposed to necessarily trying to drive online sales. That said, it is Walmart’s believe, said Thomas, that it will generate $27 billion in revenues over mobile by 2016.

He explained that the company feels that the best way to introduce m-commerce tools to customers is by adding new capabilities into tools that have already been in existence and that have already been adopted by the majority of consumers, such as creating a shopping list.