Last updated: 20 March 2014
Waiting in line to pay at the supermarket, people used to pick up and read the magazines strategically placed at the checkout. Today, as the print media industry knows all too well, most of us surf the web on our mobile phone instead of flipping through the tabloids (and that’s if we even go to the supermarket rather than order online).
A survey by Sanderson Studios in collaboration with Tellme and Microsoft found that 88 percent of those surveyed use their smart phones while shopping and running errands. The smart phone allows us to multi-task; organize our agenda, send an email, or make a purchase. Since we are spending more time on our mobile devices, it’s no surprise the mCommerce industry is taking off.
In 2012, mobile commerce sales increased 81 percent, reaching a total of $25 billion according to a new report from eMarketer. But move to digital is going to continue apace for years to come, so tapping into this market is essential for retailers and mobile network operators. mCommerce is no longer a way to stay ahead of the competition in 2013, it’s a must have.
It’s changing the way brands reach their customers, because something fundamental is lost when purchases are made with a mobile. The traditional ‘human’ element we used to encounter when making purchases gave us a sense of confidence and security in the purchase along with the knowledge that we could come back to the point of sale if a problem arose. It’s natural, therefore, for consumers to want a similar sense of security when making purchases in the digital age.
As once-great high-street retailers continue to suffer the impact of the recession, offering a secure, easy to use mCommerce payment platform will be crucial to ensuring future success. According to a study on the behavior of smart phone users and their concerns by Webcredible, security and safety ranked first, followed by the user experience (screen size and connectivity). To avoid losing customers, retailers need to offer mConsumers a way to pay that fits in with the on the go lifestyle all while making it secure.
Consumers want reassurance that the payment platform being used is secure, especially when the transaction takes place from a mobile device. In the developing mCommerce market, retailers that secure the buyer’s piece of mind, secure the business that will help their company thrive.
To read more on mobile payments, mobile billing and mCommerce solutions, Netsize a Gemalto Company, brings you the Gemalto Netsize Guide 2013. If you are at CTIA, you can pick up a copy of your own. For all news on Gemalto at CTIA, follow us on Twitter @Gemalto_NA or @GemaltoTelecoms.