Tag: retail mobile commerce

UK mobile commerce market may hit $60 billion by 2024

| April 16, 2015

Consumers are enthralled with mobile commerce, but retailers are not

Consumers in the United Kingdom are beginning to show more interest in mobile commerce. Smartphones are now having significant influence over the way people shop for products, both online and in physical stores. Retailers have begun taking notice of this trend and have made efforts to engage mobile consumers in meaningful ways. A new report from Barclays, compiled with the aid of Conlumino, suggests that mobile spending in the retail sector will reach new heights in the coming years.

Retailers have yet to show significant interest in the mobile sector

According to the report, mobile spending in the retail sector will reach approximately $60 billion in 2024. While mobile spending may be on the rise, a relatively small number of retailers are positioned to take advantage of this trend. The report notes that only 3% of retailers said that they are using mobile-ready point-of-sale systems. Another 70% claimed that they do not have mobile friendly websites or applications in place to engage mobile consumers. As such, these retailers may be missing out on significant opportunities in the mobile commerce space.

Consumers are spending mroe through a mobile device

UK Mobile Commerce MarketThe report notes that consumers throughout the United Kingdom collectively spend $10 billion while shopping on their smartphones and tablets. Those with tablets are twice as likely to make a purchase, while smartphone users are less likely to make a purchase. Tablets tend to offer a more enjoyable shopping experience for consumers, as their larger screens provide better navigation options and these devices have better representation in the retail space.

Many retailers have no plans for the mobile space

Less than one-third of retailers in the UK have clear plans for their investments in the mobile sector. The report shows that 68% of retailers have no plans at all, with only a small number of these companies considering mobile to be a priority. These companies are developing mobile websites that are able to accommodate the needs of consumers with smartphones and tablets. They are also making efforts to embrace mobile commerce, making it possible for consumers to use their devices to pay for products.

Wal-Mart grows more focused on mobile payments

| March 18, 2015

Retailer aims to preserve the convenience and security of mobile shopping

Wal-Mart has been experimenting with mobile payments for some time now and the company is beginning to focus more of its efforts on the mobile space. According to Charles Holley, Chief Financial Officer of Wal-Mart, convenience has become one of the most important aspects of mobile commerce, and ensuring that this convenience remains intact as mobile payments become more prominent is becoming a priority. Security and eliminating the costs associated with mobile payments is also becoming important.

Retail is changing to become more mobile-centric

The retail space is beginning to shift and more consumers are beginning to rely on their mobile devices to shop for and purchase products. Finding ways to make the mobile shopping experience enjoyable is important, but Wal-Mart is not yet sure what role mobile payments will play in its overarching business. This may involve exploring new payment options in order to ensure that the company remains on the cutting edge of mobile commerce.

CurrentC may not be the solution that retailers need for the mobile space

Walmart Store - Mobile PaymentsWal-Mart is currently part of the Merchant Consumer Exchange, a consortium of retailers that has its own mobile payments system called CurrentC. The system makes use of QR codes in order to process mobile transactions and boasts of a “secure cloud-hosted network,” which provides extra security for those making payments. CurrentC is currently in a private testing phase and the Merchant Consumer Exchange is beginning to feel pressure to release a comprehensive mobile payments solution in order to compete with other options that are available.

Without an effective solution, retailers may opt to use other mobile payments platforms not developed by the Merchant Consumer Exchange

If such a solution does not come soon, Wal-Mart and other retailers may opt to use other mobile payments platforms, such as Apple Pay. Those involved in the Merchant Consumer Exchange cannot use other payment solutions at this time, which has limited their ability to engage mobile consumers in effective ways. With mobile shopping growing in prominence, this may no longer be a sustainable practice.