Emerging Technology: The Future of Mobile Commerce

Summary

The COVID-19 pandemic in 2020 triggered a shift towards e-commerce and contactless payments. Mobile shopping surged, with a quarter of consumers increasing their usage between March and May 2020. In response, over two-thirds of brands adopted expedited payment vendors like PayPal and Apple Pay, optimizing mobile checkout. Contactless payment options gained popularity in stores, with the number of brands upgrading their payment apps rising from 4% to 10% in 2020. These trends highlight the growing importance of mobile and contactless solutions in the retail landscape.

Takeaways

• 😀 2020 marked a significant shift in shopping trends, with store closures and a surge in e-commerce.
• 😀 There was a heightened demand for contactless in-store payments during the pandemic.
• 😀 Mobile commerce played a central role, with many consumers increasing mobile shopping from March to May 2020.
• 😀 Mobile checkout optimization became more important than ever due to the rise in mobile shopping.
• 😀 Over two-thirds of brands adopted expedited payment vendors like PayPal and Apple Pay in their apps.
• 😀 Open-loop mobile payments, which are brand agnostic, gained popularity as they allow use across different apps and stores.
• 😀 Safety-conscious shoppers increasingly adopted contactless payment options both in-store and online.
• 😀 The number of brands upgrading their apps for payment features grew from 4% in 2019 to 10% in 2020.
• 😀 These upgrades reflect the response of brands to the growing importance of mobile and contactless payments.
• 😀 The growing trend in mobile commerce and contactless payments highlights the need for continuous innovation in retail technology.

Q & A

What significant shift occurred in shopping in 2020?

In 2020, there was a major shift in shopping due to store closures and the growth of e-commerce, heightened demand for contactless in-store payments, and increased mobile shopping as a result of COVID-19.

What role did mobile commerce play in 2020?

Mobile commerce played a central role in 2020 as online sales skyrocketed, with a quarter of consumers increasing mobile shopping between March and May 2020.

Why is mobile checkout optimization more important than ever?

Mobile checkout optimization became more important in 2020 as mobile shopping surged, and brands needed to ensure seamless payment experiences to cater to the growing demand for mobile commerce.

What percentage of brands use expedited payment vendors on their apps?

Over two-thirds of brands employ expedited payment vendors like PayPal and Apple Pay on their apps.

What are open loop mobile payments?

Open loop mobile payments are brand-agnostic payment systems that allow shoppers to use the same payment methods across different apps and stores, providing flexibility and convenience.

How have shoppers’ payment preferences changed in response to COVID-19?

Safety-conscious shoppers increasingly adopted contactless payment options both in-store and online in response to the pandemic, aiming to minimize physical contact.

What was the increase in the percentage of brands upgrading their payment systems in 2020?

The percentage of brands upgrading their payment systems in response to the increased demand for mobile and contactless payments grew from 4% in February-May 2019 to 10% in 2020.

What does the increase in payment-related upgrades indicate about brands’ responses to consumer behavior?

The increase in payment-related upgrades indicates that brands are adapting to the surge in mobile and contactless payments and are responding to the growing reliance on the small screen for shopping and payment.

Why is the small screen so important in the context of mobile commerce?

The small screen is crucial in mobile commerce because it enables consumers to shop and complete transactions on their mobile devices, which saw a significant rise during the pandemic as people turned to online shopping.

What does the script suggest about the future of payment technologies?

The script suggests that payment technologies, particularly contactless and mobile payment options, will continue to evolve and become more integral to shopping experiences, as brands respond to the changing consumer preferences and demands.