The mobile marketplace is innovative, fast-moving and competitive. In developing markets, it’s an essential part of every business because mobile is the infrastructure. In more mature markets, consumers are adopting new payment technologies, apps and shopping online using their templates and smartphones. What’s ahead in 2016? We’ve got a snapshot to help you keep up.
According to MobileCommerceDaily, in 2016 retailers will be keeping a close eye on new mobile payment apps and trying to be consistent across omnichannel marketing. Jon Squire, CEO of CardFree, said watch for value-added services such as real-time services, skip the line payments and more focused on loyalty programs. Chase and Walmart are just two companies looking to disrupt mobile payments with technology out their own. Neiman Marcus was named Luxury Retailer of the Year partly because of its mobile innovations and ecommerce success. The ShopAdvisor app and beacon technologies are helping retailers like Vince Camuto target consumers.
51 % of retail mobile app users use them while shopping in-store according to Robi Ganguly, CEO of Apptentive. Karen Webster at Pymnts.com highlights six trends that will define mobile payments in 2016. Retale.com reported 43% of respondents at its website used a mobile device to make a purchase inside a retail store up from 36% a year ago. According to Forrester, 52% of B2B buyers have researched products on their smartphones and B2B contactless payments are poised to grow. Finally, Blume Ventures forecasts strong VC investment into mobile enabled ecommerce companies.
Mobile retail trends to watch out for in 2016
As brands continue leveraging mobile to bridge the gap between the physical and digital worlds, consumers can expect to see several trends play a critical role in retail-related commerce this year, including virtual reality, gamification and reliance on wearables.
Mobile is steadily establishing itself as a top pillar of retail, aiding brands in maintaining their stronghold over consumers by becoming an in-store shopping companion as well as an offline purchasing device. Several key trends will play a starring role in retail this year, showcasing how marketers must evolve in the digital space if they want to stay competitive. “Mobile and all things related to mobile would be number one,” said Pat Dermody, president of Retale, Chicago. “The customers’ increasing expectation to navigate seamlessly across channels would be number two. via MobileCommerceDaily
What to expect in mobile payments in 2016
The proliferation of digital payment options has prompted countless merchants to deploy contactless terminals for in-store shoppers this year, suggesting that 2016 will see brands focus on leveraging mobile wallets to better cater to customers in real-time.
With Apple Pay taking over many consumers’ small screens this year and Android Pay hitting the ground running several months ago, retailers have been forced to hustle up their mobile payments adoption to benefit the new, digitally-savvy shopper. Next year is likely to bring additional retail-branded mobile wallets to the fray, as well as an increased focus on using digital platforms to send targeted, real-time deals to consumers in the vicinity.
“Consumers can expect to see more movement toward taking the focus off the actual payments process – including payment types, payment technology and POS confusion – and more focus on providing value added services like real-time offers, the ability to order ahead and skip the line and/or loyalty programs that have meaning to the mobile customer,” said Jon Squire, CEO and founder of CardFree, San Francisco. Via mobilecommercedaily.com
Chase, Wal-Mart Seek to Disrupt Mobile Payments Business in 2016
American consumers will have more choices in 2016 for how they make purchases with their smartphones as big banks and retailers vie for market share against tech giants Apple Inc. and Google.
Companies like JPMorgan Chase & Co. and Wal-Mart Stores Inc. are rolling out their own products just as mobile-payment apps are catching on. By 2019, eMarketer estimates that the total value of transactions made by tapping a phone on an in-store terminal will reach $210 billion, up from $8.7 billion in 2015. For banks and retailers, that presents an opportunity to take on Apple Pay and Google’s Android Pay — and maybe save on transaction fees to boot. Via bloomberg.com
Neiman Marcus is Luxury Daily’s 2015 Luxury Retailer of the Year
On the mobile front Neiman Marcus is equally ambitious. “Snap. Find. Shop.” allows consumers to keep up on trends and pick out fashions from anywhere, on-the-go. By taking a picture of a product, consumers can find the item on Neiman Marcus or, if it is not carried, a similar one. The innovation allows the retailer to trigger innovation buys regardless of where the consumer is and eliminates the inconvenience of having to search for the product, either in-store or online.
Also launched this year, a brand-specific mobile wallet developed with Capital One saves payment information on a mobile device that can then be used for an in-store transaction. As a result, a consumer may be more likely to use Neiman Marcus’ card, which she will not necessarily always carry on her, and be more open to spontaneous shopping trips.
The retailer further emphasized its multichannel marketing in its most recent holiday book. For the first time, consumers were able to access an exclusive gift that was only be revealed through Neiman Marcus’ mobile application, reflecting the retailer’s recent pushes in mobile and omnichannel. Via luxurydaily.com
Enter the Shoe Aisle, Feel Your Phone Buzz With a Personal Deal
During a pre-holiday shopping trip to New York, Lisa Libretto received an enticing alert on her iPhone: an offer for a $25 discount on a Vince Camuto handbag that she had coveted on the retailer’s website. “If my phone is alerting me to the discount or some information about items I might like, that will totally pull me in,” said Ms. Libretto, who lives in Ridgefield, Conn.
The alert arrived at an opportune time, pinging as she neared the entrance of the Vince Camuto store. And it cemented her decision: She would buy the purse after all. But the timing was no coincidence. The app that she had downloaded from ShopAdvisor used beacon technology, a new addition to location-based marketing, to pinpoint her whereabouts before sending the discount. “I hope it’s a technology more companies will use,” she said. Via nytimes.com
New in-store shopping experience: How retailers can drive sales with apps
Interestingly, 51 percent of respondents who use retail mobile apps use them while shopping in-store, yielding a large audience of customers that retailers can engage with via mobile apps to enhance their shopping experience, while building customer loyalty and driving in-store sales.
Customers use retail apps in-store for a number of reasons, including redeeming in-store discounts, comparing prices, viewing product ratings and reviews, and to find products. Retailers are presented with a unique opportunity through mobile apps: A new way to engage their customers on a personal level. Via mobilemarketer.com
Six Payments Trends That Will Define 2016
I thought I’d share my six for ’16 – the six trends that I think will define the year in payments – or whatever time we have left.
1. MOBILE APPS KILL COUNTERTOP CHECKOUT
Question: What’s the biggest friction consumers face paying for things in a store? Answer: Standing in line waiting to checkout.
And all of the mobile payments apps in the world that substitute a tap for a swipe (and now the dreadful dip) won’t change that. In fact, it might even make it worse since there are so few locations where consumers can transact that way that it simply introduces more uncertainty, confusion and friction. Via pymnts.com
PayPal, Bank Apps Lead In-Store Mobile Payment Preferences: Report
It’s hard to come by hard data on consumers actually using mobile wallets to pay in stores, but these consumers do exist. According to a survey of consumers who visit the shopping website Retale.com, 43% of respondents have used a mobile device to make a purchase inside a retail store. That’s up from 36% who one year ago reported using a mobile wallet to make an in-store payment in Retale’s first such survey.
Retale, which provides local, aggregated discounts and deals for consumers online and via its mobile app, surveyed 1,000 consumers about their mobile payment preferences between Dec. 1-5, 2015. Half of survey respondents said they’d be most likely to use PayPal if they were making an in-store payment using a mobile device during the 2015 holiday season, and 27% said they would be most likely to pay in stores with their bank’s mobile payment app. Twenty percent of respondents said they would be most likely to use Apple Pay and 17% said they would likely use Android Pay. Via paymentssource.com
5 B2B Ecommerce Trends that will Shape 2016
M-commerce is becoming a fast-growing platform – M-commerce is already a player in B2B e-commerce, but 2016 could be the year it takes off. According to Forrester, 52 percent of B2B buyers research products from their smartphones. This will only increase in the coming year, and it will also lead to growth in smartphone use during the purchasing phase. If most of the research is being done on a mobile device, the purchase decisions will be driven through a mobile device as well….
Contactless payments and mobile wallets are on the rise – Mobile wallets are poised to become the next big thing when it comes to B2B e-commerce, but security questions have slowed this from becoming a reality. If companies are able to address security concerns, buyers will be more apt to use mobile wallets. Via multichannelmerchant.com
Mobile-based consumer internet firms will be 2016 winners: Blume Ventures
Commenting on emerging opportunities, he said the outliers will come from companies that are focused on consumer internet around mobile. He said the focus has been on companies that were building the front-end like customer acquisition, sales and lead generation channels so far. Now the attention has shifted to startups that are building out the backend or infrastructure like logistics, payment or last-mile delivery.
“The last wave was for e-commerce. Now the winners will come from enablers or the facilitators of the ecosystem such as players from the payments and delivery sectors. This is because whoever [e-commerce venture] wins or loses, these companies are going to win as they are going to be servicing them.” Via techcircle.vccircle.com
With the growth of mobile e-commerce and the proliferation of payment systems, we’ll be keeping a close eye on mobile developments that matter to retailers, e-commerce, cashback, app developers and VCs in the months ahead.