Mobile is reshaping the retail landscape, taking market share from other channels as overall digital retail volume grows. However, device-switching for researching, selecting and purchasing products is still commonplace, and consumers remain cautious about mobile-based payments. Learn how retailers can use omnichannel strategies to create a more seamless shopping experience.
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Mobile does not play a significant role in the pre-purchase process for an in-person or computer-based purchase. In contrast, mobile buyers rely more heavily on digital channels when shopping.
Some 7% of global consumers not only make mobile purchases, but also leverage their mobile phones for every step of the path to purchase. This is still low in absolute terms, but holds much potential: these all-in mobile shoppers make up half of mobile payment makers. This gives credence to the usage of mobile during the path to purchase as a lynchpin for the final payment.
While the computer remains the digital device of choice, global consumers are increasingly shifting towards the mobile phone when making a payment. As an example, Chinese consumers spent more through the mobile phone for the first time in 2015, based on new Euromonitor data.
While remote mobile payments are currently more popular, in-person mobile payments are truly the Holy Grail because of what the mobile wallet can do in terms of digitising the path to purchase and eliminating the friction tied to the payment process.
In order to increase consumers’ mobile participation along the path to purchase, merchants and brands should consider how to leverage mobile to create a frictionless, connected experience, utilise mobile and related technologies to build brand engagement and finally embrace the mobile wallet as the central hub for digital consumers of tomorrow.