Study shows retailers are struggling to embrace mobile payments

mobile payments technology

Retailers are falling short when it comes to mobile commerce and engaging mobile consumers

Deloitte Digital, a leading digital consulting firm, has released a new study focused on the mobile commerce sector. The study highlights the relationship that retailers have with mobile commerce and what they are doing to engage consumers in the mobile space. A growing number of consumers are embracing the concept of mobile payments, turning to their smartphones and tablets to get their shopping done. Retailers are working to accommodate the needs of these consumers, but many have been missing the point when it comes to mobile engagement.

$1.1 trillion may be up for grabs because retailers are struggling with mobile engagement

The study notes that some $1.1 trillion could be at stake as retailers continue to fail to find ways to engage mobile consumers. The study shows that social media and other digital channels influence 36 cents of every dollar spent in physical retail stores. By the end of this year, Deloitte Digital expects that digital channels will affect some $1.5 trillion in potential sales throughout the retail sector. These sales will come from the mobile space.

Social media is causing some consumers to avoid retailers with poor mobile services

mobile paymentsWhile retailers are seeing growth in the mobile sector, many are failing to engage mobile consumers in any meaningful way. As such, many consumers are being confronted with poor mobile shopping experiences, thus moving on to other retailers that may be offering a better experience. Notably, social media is playing a major role in mobile shopping. Through social networks, consumers can share their experiences with others. Poor experiences tend to serve as a cautionary tale for other consumers that may be interested in mobile shopping.

Shopping cart abandonment has become a major problem for retailers

The study shows that shopping cart abandonment is quite high among consumers shopping from mobile devices. This has little to do with these consumers choosing not to pay for products from their mobile device. Rather, this is an issue concerning the mobile commerce capabilities of a particular retailer. Digital shopping carts are often abandoned because of technical problems that prevent consumers from paying for their products. Others have such a poor shopping experience that they opt to leave a retailer’s mobile website altogether.

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