Tag: mobile shopping

JPMorgan announces its support for Samsung Pay

JPMorgan has announced that it will be supporting Samsung Pay, adding to the number of mobile payments services it is backing. The financial institution already offers support for Apple Pay and Android Pay and is developing its own mobile payments platform through Chase, which will be called Chase Pay. Adding support for more payment services is expected to encourage more consumers to participate in mobile commerce as they will have more options to do so.

Millennials are powering the growth of the mobile payments space due to their comfort with mobile technology

The company has taken note of the significant growth in the mobile payments field. One of the driving factors of this growth is the popularity of mobile technology among young consumers. Millennials, in particular, have shown a great deal of comfort with mobile services and the demand for new payment services has grown among these consumers. Banks throughout the country are eager to engage these consumers by showing support for their favored mobile payments services.

Bank continues to see strong growth in its mobile consumer base

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.

Mobile payments will see significant growth throughout the US in the coming years

Mobile payments is likely to continue growing throughout the U.S. in the coming years. Over the holiday season, many consumers opted to use their mobile devices to make purchases online and in physical stores. Mobile payments services have proven to be quite popular, as they allow consumers to shop with more convenience. One of the issues preventing consumers from embracing mobile commerce, however, are security issues that exist in this sector.

The results of a recent Interactive Advertising Bureau study showed shoppers research before making the trip.

The Interactive Advertising Bureau (IAB) has now released the results of a recent study which revealed that about half of all adult consumers are using mobile commerce to look into products before they head to brick and mortar shops.

This insight could be exceptionally important to retailers that are hoping to draw shoppers into their stores.

Many people do their product research ahead of time using mobile commerce tools, but still want to be able to see the product in real life before they actually make their final purchase. The practice is known as “showrooming” and it is quite popular particularly among shoppers in younger age brackets. This practice can occur when a customer has already decided that they want to buy a product after having read about it on a mobile device but they’d like to see the physical item before actually purchasing it, or it could happen the other way around.

Showrooming also involves customers seeing an item in-store and using mobile commerce to find a better price.

Interestingly, although many retailers have felt threatened by this process as they believe people will simply come to the shop to check out the item but then buy online at a place that sells it for a lower price, the research found that this was not necessarily true. The IAB study indicated that shoppers will typically end up buying the product from within a physical store location after having looked it up online.

The important thing to note is that while they may have looked at a product in store and used m-commerce to find better prices, the store in which the showrooming has happened is not necessarily the one where the purchase has been made. Sometimes customers will visit the most convenient location to look at the item but will then travel to another shop if they find a better price for it there, through the use of their mobile devices.

Millennials are especially in the habit of using this mobile commerce technique. Over two thirds of shoppers in that generation use showrooming. Still, they are more likely to head to another physical store to buy the product than to stay in the current one if they can find a better deal. Shoppers in older generations will often stay within the same store unless the deal offered elsewhere is especially enticing.