Emerging opportunities push retailers to become more mobile-centric
New opportunities are emerging for retailers in the mobile space, which is leading to them upgrading their mobile applications and websites in order to effectively engage consumers, according to a new report from Boston Retail Partners. The report shows that mobile commerce has become quite profitable for retailers, but in order to find continued success in this space, they must address issues concerning security and consumer privacy. This is becoming especially important as fraud is growing more prevalent in the e-commerce and mobile commerce spaces.
Report highlights the need for retailers to upgrade their mobile websites and apps
The report shows that mobile websites are becoming an important priority for retailers. These websites allow retailers to better engage mobile consumers, and Google has recently required businesses to ensure that they have mobile sites in order to retain their search rankings. Mobile apps are also a priority for retailers, as they allow consumers to efficiently shop online. For physical retailers, these apps are especially important, as they will allow merchants to effectively engage consumers that are interested in mobile commerce.
Security is becoming a top priority as EMV standards spread throughout the world
As mobile commerce grows, retailers will have to address issues concerning security and privacy. The report shows that as EMV standards are imposed in counties, in-store fraud falls dramatically. The problem, however, is that the introduction of these standards causes the online fraud to skyrocket. With many retailers embracing these standards, they are finding it more important to improve their security measures, especially if they want to compete in the mobile commerce market aggressively.
Retailers are beginning to see the challenges associated with bringing their various channels together alongside mobile
With mobile commerce becoming more important, retailers are finding it more challenging to integrate all of their channels. Retailers must provide consumers with seamless experiences in order to provide them with effective services, but this has proven quite challenging for some businesses, especially if they do not have extensive experience with the mobile and digital spaces.
JPMorgan has seen their mobile customer base grow by 21%, reaching 22.2 million by the third quarter of this year. Consumers want to use mobile payments services because they are seen as more convenient than traditional forms of commerce. These services also double as a type of digital wallet, allowing consumers to store their financial data for easy access. They can also use these digital wallets to store information from retailers, such as mobile coupons or data concerning loyalty programs.