The market for mobile payments market is expected to quadruple by 2014, reaching $630bn in value, which equates to 5% of total e-commerce sales. The savvy marketers who will capitalize on this opportunity, bringing further revenues and market share to their brands will understand that mobile is not simply a sales channel, it is about enhancing the multichannel customer experience.
Although mobile revenues are growing at a rapid rate, the real potential for mobile lies in creating a seamless customer experience across all retail channels, providing an opportunity to maximize growth across a company’s store and online businesses. Marketsensus have released a report outlining the key profit strategies for m-commerce.
Although mobile has the potential to link all touch points in a multichannel environment, providing a linked and unified customer experience, barriers from to this development exist.
Although the Apple iPhone is the clear first choice of platform when it comes to retailers developing their first application, retailers should involve all potential mobile assets in m-commerce strategies the iPhone is not the only option.
“27% of all consumers used their mobiles to browse and research products at least four times over a 12 month period. For the 18-34 age group, this figure is 41%.”