Tag: retail industry

Mobile payments revolutionizing retail industry

| March 12, 2013

Mobile Payments RetailRetail industry beginning to see an impact from mobile payments

The retail industry has come to a crossroad wherein it must discover the best way to engage consumers from around the world. Technology has played a major role in bringing the industry to this crossroad, especially as the Internet came to determine how successful many retailers would become in the future. The advent of mobile technology sparked evolution within the retail industry, and now the rise of mobile commerce is having the same effect. The future of the retail industry is beginning to look almost entirely dependent on mobile technology and retailers that shirk the mobile space may be setting themselves up to fail in the near future.

Retailers must focus more on mobile engagement

Mobile payments are quickly becoming more common around the world. Branding Brands CEO Christopher Mason notes that the retail industry is becoming more acclimated to the mobile space, largely due to the demands coming from consumers. Despite some interest from retailers, however, Mason suggests that most in the industry lack appropriate enthusiasm when it comes to mobile payments. Mason notes that of the 500 retailers in the world, only 40% have mobile consumer interfaces, which means many of these retailers are not providing an enjoyable experience to mobile consumer, who may soon determine the fate of these retail companies with the power held in their mobile wallets.

Wal-Mart takes note of the popularity of mobile devices

Wendy Bergh, senior director of mobile and digital strategy for Wal-Mart, notes that much of her focus in recent years has been on in-store experiences and how they can be improved through the use of mobile applications. Bergh suggests that applications are an ideal way to get consumers into physical stores, by offering these consumers discounts and services that are exclusive to physical stores and the applications used therein. Wal-Mart is currently developing a scanning application that will allow consumers to find products and purchase these products directly from their mobile device.

Mobile payments may soon dominate retail industry

Mobile payments may soon come to dictate the future of the retail industry. Consumers have shown some reluctance in participating in mobile commerce, largely due to security concerns. Many of the concerns that consumers have, however, are being addressed through the development of new mobile payments services that are more secure than their predecessors. As mobile commerce becomes more secure, it is becoming increasingly likely that consumers will favor mobile payments over traditional forms of commerce.

Report highlights the prospects of mobile commerce for 2013

| March 7, 2013

Mobile Commerce ReportNew report examines the mobile commerce landscape of 2013

Mobile Commerce Daily has released a new report highlighting the trends that are emerging in the retail industry. The report, titled the Mobile Commerce Outlook 2013, provides some insight on how retailers are approaching the issue of mobile commerce and the various challenges they face in doing so. More retailers are beginning to feel the need to cater to mobile consumers, especially as these people become more prone to spending money through their mobile devices rather than participating in traditional forms of commerce. As mobile payments become more common, companies that opt out of mobile commerce may be missing a major opportunity.

Consumers showing more comfort with mobile shopping

According to the report, consumers are more likely to purchase more products if they are shopping from a mobile device. Retailers with efficient and easy-to-use mobile commerce systems see higher sales volumes than those offering cumbersome services. Consumers have shown a great deal of comfort in purchasing products using their smartphones and tablets, even when faced with lingering security concerns the inefficiency of some mobile commerce platforms.

Amazon and eBay establish strong lead in mobile commerce

Companies that already have a strong online presence have been able to establish a formidable lead in the mobile commerce arena. eBay, for instance, expects to see more than $20 billion in global mobile sales in the coming years. Amazon continues to enjoy a dominant role in the retail industry, which has been punctuated by the company’s growing support for mobile commerce. The company has begun catering more heavily to mobile consumers, forcing its competitor to follow suit or risk losing out on a sizable portion of loyal customers.

Security concerns likely to persist into the future

Mobile commerce is still faced with significant challenges which are not likely to be entirely overcome this year. Security remains one of the most significant of these challenges. While many consumers pay little attention to the issue of mobile security, when financial information becomes involved they begin to show more concern. There is no simple solution to the security issue, which means that it will likely continue to plague mobile commerce well into the future.