We are browsing and buying on our mobiles more than ever before, and the arrival of Apple Pay and Android Pay has us reaching for our smartphones instead of our wallets when we get to the checkouts. So why should we pay more attention to m-commerce? And are consumers really demanding it?
Change is in the air
Consumer behaviour is changing. Around the world, consumers are using their mobiles to buy, buy, buy, and buy some more. In fact, research suggests that the worldwide mobile revenue is expected to surpass 1 trillion U.S. dollars in 2019. That’s a lot of mobile clicks!
While many businesses have been grappling with the payment app battle between Apple and Android, Amazon surprised no one by taking it one step further and creating a whole store based around m-commerce.
Amazon Go was announced with much fanfare in late 2016. Customers can tap their mobiles upon entering the store, shop for what they want, and leave. No lines, no waiting to pay. Simple and fuss free, and all paid for via their mobile.
It really did present a new way to shop, and retailers took notice.
So are consumers really as tap happy as Amazon makes out?
Back in 2011, reports were emerging of Barclaycard teaming up with mobile providers to create the first ‘tap and go’ mobile phone. Despite suggestions that we were heading for a cashless future, questions were already emerging about whether it would take off.
Fast forward to 2017 and fintech has become a big focus for investors and governments. And apparently, we are all starting to adopt m-commerce as a way of life too. Mobile transactions reached 38 million last year, which was worth an impressive £288 million. And according to WorldPay, that represented a year-on-year growth of 247%.
We might be tapping for our coffees, lunches, and drinks now, but we could be tapping for everything we shop for soon, and every shop will need to compete on a new mobile level.
It’s safe to say this mobile trend is not going anywhere soon, and retailers need to keep up. Social media giant Facebook is counting on this, and according to them, 30% of U.S. shoppers discovered a new product on Facebook and completed their purchase 13% faster on mobile than on a desktop device.
There is a growing audience out there in the big wide world, and retailers prioritising m-commerce will help put their products in the hands of this audience.
More screen shopping, less window shopping
As more consumers migrate to their mobile phones, retailers need to change their focus – or miss out. However, m-commerce also offers more advertising opportunities to generate new leads, and those who ignore this will miss out on some serious money.
Mobile apps are already enticing customers and ultimately sales, but we are becoming demanding. We no longer expect blanket marketing. As a market, we are now demanding personalisation. We want targeted notifications and offers that are right for us.
And we don’t want to wait! We want to tap and pay, and m-commerce can give us the ease and speed we crave.
The future is just a mobile tap away.