Tag: m-payments

Retailers may need to optimize their mobile sites if they want to engage consumers effectively

NetElixir has released a new report concerning mobile shoppers and their proclivity to purchase products online. Mobile commerce has become a powerful force in the retail industry, but not all retailers are taking steps to ensure that they are engaging consumers effectively. Many retailers have poorly optimized websites, which make it difficult for mobile shoppers to actually spend any money while they are shopping. If retailers cannot take mobile consumers seriously, they could be missing out on a major opportunity.

Smartphone conversion on optimized sites is 160% higher than on non-optimized sites

According to the report from NetElixir, conversion rates for smartphone users on sites that are optimized for mobile devices is 160% higher than conversion rates for shoppers on non-optimized sites. Websites that are optimized for mobile devices are easier for consumers to navigate when they are shopping on a smartphone or tablet. It is also easier for consumers to finalize a payment through such websites, whereas consumers often abandon their purchases on non-optimized sites due to frustration.

Smartphone users are also willing to spend more money on optimized sites

The report also shows that consumers are more willing to spend money on optimized sites. Mobile shoppers spent an average of 70% more money on a mobile optimized site than on non-optimized sites. Smartphone users are also spending more money than those shopping from a PC or laptop, according to the report. Impulse purchases may be part of the reason behind this, as mobile shoppers are more inclined to make a seemingly spontaneous purchase than those shopping on a PC or laptop.

Retailers could miss out on holiday season opportunity if they do not optimize their websites

If retailers choose not to optimize their sites for mobile consumers by the holiday season, they could miss out on a significant revenue opportunity. Over the past few years, mobile commerce has flourished during the holiday season. Retailers that were able to effectively engage mobile consumers found a great deal of success, while those that ignored mobile consumers did not.

Digital wallet apps are growing in popularity and NFC technology is becoming more widespread.

The smart technology sector has been increasing the interest that consumers have been having in mobile payments services and apps, and it is now believed that these transactions are finally starting to take off in a meaningful way.

This market now has quite a large number of players that each offer their interpretation of the best service.

Within this mobile payments market, NXT-ID Inc, a biometric security company, is expecting that it will become profitable in 2015. This, according to Gino Pereira, its chief exec, at a time in which it is now rolling out an alternative digital wallet service to some very large competition, including Apple Pay. This service is hoping to be able to stand out from the rest with what it feels are exceptional mobile security protections.

Mobile payments has been held back by a continual fear consumers hold with regards to security.

Consumers have yet to feel confident that their sensitive private and financial data will be held secure when using their smartphones as a mobile wallet. According to Pereira, NXT-ID is expecting that its voice- and passcode-protected “Wocket” wallet will be adopted quite quickly. He recently stated that “Even if you take a small percentage of credit cards holders (in the United States) and multiply it by $150 you will see there is a multi-billion-dollar market that is available to us.”

The day before Pereira made that statement, NXT-ID had stated that it had brought in an unidentified sum of money in order to give its Wocket production a boost. It has since experienced a near doubling of its share. The company, based in Connecticut, was founded in 2011. Last year, it did not report any revenue, but it did report a $1.54 million loss.

Since the unveiling of Apple Pay, mobile payments has been gaining a great deal more attention as both merchants and consumers, alike have been taking this transaction much more seriously. Both that service and Wocket, by NXT-ID will function on existing terminals found in stores across the country.