E-commerce growth is set to expand the mobile-wallet market. The fact that many people own smartphones with the potential to become digital wallets is rapidly changing the way consumers shop. Technology enthusiasts, financial gurus, and others are starting to realize that the future of retail will be more reliant on technology.
Those who have smart phones or other advanced devices such as tablets are spending a lot more time shopping online. The vast majority of Americans, for example, own a smartphone. It is projected that by the end of the year over half of American smartphone owners will use their device to shop online. This is set to grow and is already bigger than the mobile-wallet market.
The popularity of shopping on mobile devices is also increasing at the same time as the growing number of social media websites. Facebook, YouTube, and Twitter are a few of the social networks that cater to shoppers. Many people in the U.S. spend much of their time on social media sites, so the idea that they will be the main retail channels is becoming reality.
The impact of these sites is set to expand the mobile wallet market as well. Consumers who use their smartphones as cash registers are spending a lot more time shopping. Some stores have even taken advantage of this trend by allowing shoppers to bring their smartphones to the store. This has been particularly popular with stores such as Target.
Wal-Mart, Macy’s, and other traditional brick-and-mortar stores are starting to realize the importance of e-commerce to their business. The large amounts of money that people are spending online is a problem for retailers that can’t compete. They need to adjust their business models to adapt to this emerging trend.
Most brick-and-mortar retail shops are beginning to adapt by introducing web-based versions of their stores. This allows shoppers to check out in the convenience of their home and avoid having to pay for a parking space in a store. The truth is that people today are spending more time doing their shopping online than they do at physical stores.
The mobile wallet market is also expanding. Many people who currently use their smartphone as a credit card or ATM card will eventually take advantage of this new technology. In fact, it is expected that many people will move their loyalty programs online when their loyalty programs are integrated with Apple Pay or Google Wallet. Loyalty programs are the next frontier for retail, but not for everyone.
The first step for retail chains to take is to make sure that they have a robust mobile wallet solution. This will be an important factor in helping shoppers pay in stores. Mobile shopping is a great way to save money while using the internet to buy products.
The numbers are showing that retail’s chances to expand the mobile wallet market are improving every day. Major retail chains are beginning to follow suit. Nowadays, it doesn’t matter whether you are an independent retailer or a major department store chain. With increased internet penetration and loyalty programs that are live, many consumers are choosing to shop online.
It is important for online stores to have mobile wallets in place as well. People don’t just want a shopping app. They want to have access to their money and the ability to pay online. Many consumers will opt to use these services when it makes sense to them.
While there are a number of issues to consider when expanding the mobile wallet market, the fact remains that shoppers are buying goods and services online at a higher rate than ever before. It will only be a matter of time before the situation grows beyond what some retailers can handle.