Tag: retail mobile commerce

Retailers expected to focus more heavily on mobile payments in 2016

| January 19, 2016

Enthusiasm for mobile payments is growing quickly among retailers and consumers alike

In 2015, the mobile payments space began to emerge as a mainstream power. Over the holiday season, various businesses were exposed to the success that could be had from a focus on the mobile sector, and their enthusiasm for mobile payments is likely to carry over into this year. Matt Asay, vice president of mobile for Adobe Marketing Cloud, noted that the holiday season was a fantastic time for mobile shopping despite the fact that many consumers reported stress from using mobile payments services.

Retailers are being pressured to improve the mobile shopping experience

Asay suggests that consumers are fairly ahead of retailers when it comes to mobile shopping. They are well aware of what they want in a mobile shopping experience, and retailers have been struggling to accommodate the demands coming from consumers. Converting mobile shoppers into actual paying customers has proven to be a challenge. Retailers are expected to focus more heavily on improving the mobile shopping experience in 2016.

Report shows that mobile payments will comprise 45% of all e-commerce transactions by 2020

Retail - Mobile PaymentsAccording to a recent report from BI Intelligence, mobile payments will comprise 45% of all e-commerce transactions by 2020. This will account for approximately $284 billion in sales. This is three times more in sales that is expected to be reported in 2016. Retailers may have to shift focus away from mobile applications in order to effectively engage the customers that are becoming invested in mobile payments. Mobile websites have, thus far, provided a better shopping experience for consumers than applications.

More retailers may begin supporting mobile payments in physical stores

Retailers are expected to begin supporting mobile payments in their physical stores as a way to provide consumers with a worthwhile experience. Many consumers already use their smartphones and tablets in physical stores, but only to search for and research products that they are interested in. Retailers may be able to increase conversion rates by supporting mobile payments at physical stores, allowing consumers to make purchases with their devices rather than traditional forms of commerce.

Retail industry sets its sights on mobile payments

| January 18, 2016

Retail event will highlight the promising future of the mobile payments space

One of the retail industry’s major conventions is coming to New York and mobile payments may be one of the highlights of the event. The National Retail Federation will be hosting the event, as usual, and the organization suggests that mobile payments may be a significant focus of many companies attending the event. Retailers have become more interested in the mobile space over the past few years, largely due to growing smartphone penetration. In order to better engage consumers, these companies have become very supportive of mobile commerce.

Rewards program may encourage consumers to make use of new payment services

The mobile payments space is still quite young, but it is growing quickly. A growing number of retailers have begun to find that engaging mobile consumers with new payment services has been successful. In order to continue finding success, however, retailers will have to add value to their mobile offerings. Approximately 78% of consumers noted that they would make use of mobile payments services more often if they had access to some sort of rewards program through these services.

Security remains a major concern for consumers

mobile payments and retailMany consumers have shown favor for mobile payments because of the convenience that it represents. The problem, however, is security. Consumers have fears that their financial and personal information may be at risk if they were to use a mobile payment service. Retailers have been targeted in the past by those wishing to exploit consumer information, with some malicious groups focusing on mobile channels.

Retailers will have to take risks to find success in the mobile payments space

Retailers will have to find ways to ensure that consumer information is protected in order to find success in the mobile payments space. They will also have to find ways to add value to existing mobile payments services. Loyalty programs may be the best way to accomplish this, as consumers have shown great favor for these programs. The mobile payments space may thrive as a result of greater security and more valuable features being offered by retailers.