With the start of a new year, experts throughout the financial, business and marketing industries are making predictions for the future of e-commerce and mobile payments. The dramatic rise of these two industries over the past year has caught the attention of many.
Here are 5 predictions that have been made regarding e-commerce and mobile payments for 2014.
1. Retailers will move away from traditional registers. More stores are looking to change their check-out options. Stores like Apple, Saks and Nordstrom are offering in-aisle checkout options for customers. These options are tailored to allowing customers to make mobile payments with greater convenience than before. Instead of trekking through a store to a cash register, they will be able to make purchases right in the department they are shopping in.
2. Large Retail Chains will lead the way in mobile Commerce. While mobile payment options are often associated with large online retailers like Amazon, it is the retailers known for their big box stores that are leading the changes. For example, Toys-R-Us is at the fore-front of changes in their constant effort to appeal to their target audience. They are extremely aware of the growing trends and changes in mobile commerce, which has led them to experimenting with different online and mobile programs.
3. There will be widespread large acquisitions within the mobile payment industry. There are multiple large companies highly interested in providing mobile payment options. However, they are not interested in investing the time and resources into developing their own system. Instead, many large companies are going to look to buy smaller mobile payment companies in order to exclusively use their system to advance their own goals.
4. Merchants will start categorizing their customers and tailoring their offers based on categories. A great divide has developed between “millennials” and older adults. While millennials are heavily influenced by what they read online and trough social networks, older adults are not. Additionally, older adults tend to be more discreet about taking advantage of deals and special offers, while millennials are not.
5. Mobile Commerce will continue to evolve. While many are treating mobile commerce as a set ‘thing,’ it is important to understand that it is still relatively new. Additionally, mobile commerce is still developing and evolving. 2014 will see a great number of changes in both e-commerce and mobile payment options.