Demand for Online Services Makes Mobile and Wearable Payments a Must, Study Finds

    By | Small Business

    As many as three quarters of shoppers are making mobile purchases each month, and 64% say they would be willing to make purchases on wearables if they had one, according to research by e-commerce provider Avangate.

    Despite this – and the fact that around 26% of consumers are spending at least a third of their disposable income on recurring online purchases, the study warns that businesses are still losing out on billions of dollars thanks to revenue leakage and missed opportunities.

    Mobile is now a crucial part of retailer’s fundamentals. So in order to stay one step ahead of the competition, retailers are still looking for solutions and practices to maximise the opportunities and including specialized professionals in their teams. Examples of this can be seen at this year’s Internet Retailing Conference where eBay’s Head of Mobile, Andrew Towers, and House of Fraser’s Head of Multichannel, Sarah Baillie will be taking to the stage to share their expertise on  improving the customer experience  as well as understanding better the strengths and weaknesses of mobile and wearable payments.

    Two of the greatest weaknesses in mcommerce are Credit card failure and clumsy payments processes. As a result of them, customers don’t get the services they want online and so don’t spend where they would, says Avangate. In fact, 38% say payment experiences directly impact their willingness to make repeat purchases. Mobile services that require data entry are most inconvenient, with a quarter of consumers saying this would put them off using them.

    However, the rise of Apple Pay and Samsung Pay are likely to make using mobile to pay for things even easier and could well propel mobile payments into being the payment mechanism of choice for most consumers. The convenience and ease they potentially offer could cure most of the ills associated with payments online, on mobile and in store.

    This is likely to extend in spades to wearables which could make payments even easier with NFC or simple one click payment online.

    With the likes of House of Fraser and eBay constantly developing their mobile platforms, mcommerce is booming. To recognise these feats of multichannel retail the Internet Retailing Awards, hosted by InternetRetailing,  will bring together the who’s who of multichannel retail to recognise the best practices and achievements of both, well established giants in the retail sector, as well as innovative and small sized ventures.

    With an exclusive category in the form of ‘The Mobile Award’, which focuses upon the role of mobile, mobility and unchained freedom within multichannel retail, the awards will celebrate the buoyancy of the dynamic multichannel retail sector.

    To learn more about the 4th Internet Retailing Awards and the Internet Retailing Conference, visit www.internetretailing.net.

    This article was syndicated from Business 2 Community: Demand for Online Services Makes Mobile and Wearable Payments a Must, Study Finds

    More Technology & Innovation articles from Business 2 Community:

    Subscribe to our mailing list
    * indicates required
    Small Business Services