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If you’re not in mobile payments you’re standing still

If you’re not in mobile payments you’re standing still

Realex Payments is advising merchants across all sectors that they must continue to respond to the burgeoning mobile payments world and not be left behind their competitors.

Realex Payments has experienced a notable increase in global online transaction volume, with a 51% YOY Q3 2012 – 2013 increase within the UK and Europe. It is not just e-Commerce that is growing at an exponential rate but specifically mobile payments, made both online via the mobile and via a mobile app.

The recent IMRG/Capgemini UK sales index showed the domination of m-Commerce in the retail sector, reporting a 133% YOY growth in online retail reported in August with 85% of online sales attributed to mobile devices – and this is not showing any signs of slowing down.

A graph showing Total e-retail including and excluding mobile

Total e-retail including and excluding mobile

“We are seeing strong trends supporting the increase of mobile payments. The growing mobile demands not only present challenges through customer navigation and service accessibility but throughout the entire customer journey including the payments process,” comments Jon Sheard, Head of UK Corporate Business Development, Realex Payments.

To make the most of this opportunity, all merchants must firstly implement a long-term strategy that considers the complexities of e-Commerce and m-Commerce.

Here are some of the Realex Payments top tips for accepting mobile payments effectively:

  1. Optimise for mobile – mobile optimisation positively impacts the user experience and is proven to aid in conversion rates. This is as simple as creating a mobile strategy; design for the small screen and consider device responsive options, keep the checkout page simple to navigate, facilitate one click payments, and don’t delete shopping carts.
  2. Make the consumer feel secure – payments, data and business security are all front of mind for consumers – let them know that the m-Commerce platform is as secure as the desktop experience. Have a clear delivery and returns policy, show that you work with secure recognisable payments companies.
  3. Understand that mobile is a completely different social experience – mobile payments are susceptible to a completely different shopping environment and customer mindset. With mobile, distraction is much higher – the phone may ring or the consumer may feel guilty for shopping when they shouldn’t be – just a couple of examples. Merchants should make the mobile shopping experience even easier for the consumer.
  4. Don’t stand still – whatever a merchant does, ignoring mobile payments is not a viable option. It is here to stay and must be prepared for. Expert advice is available and Realex Payments regularly advise their clients on this subject.

“Online shopping has always been big business at Christmas, but for the first time Mobile is expected to produce more sales on significant shopping days than desktop platforms – illustrating the significant value that mobile offers to merchants,” concludes Sheard. “With consumers looking for the perfect combination of value for money and user experience, merchants can little afford to risk losing a sale simply because they aren’t prepared for mobile.”

The post If you’re not in mobile payments you’re standing still appeared first on Payments Cards & Mobile.

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