Hello and Happy Friday! With mPayments Summit 2015 less than two weeks away, the importance of mobile in the world of retail once again comes up wanting. The latest survey by the Centre for Retail Research (CRR) reveals that UK retailers are collectively missing out of £6.6billion in revenue each year by not embracing mobile.
Yes that’s right £6.6billion. Consumers are using mobile more and more as their primary shopping device and those that use mobile as their main shopping tool – that’s 15% of shoppers – spend more. It’s a huge opportunity.
Mobile payments and charge to mobile have their rolls to play in this, but there is a bigger issue at play: the role of mobile as a loop. Mobile is now a primary shopping tool for 15% of shoppers – and an important one for many others – but its not just about the closing of the sale, mobile is about the whole process of engagement from peaking their interest, to sending them an offer, to the browsing and buying then on to re-engagement. This is what mobile commerce really is.
And it is this opportunity that retailers and merchants are missing out on. They aren’t joining the dots. Many still think getting and iOS app is enough, still more think that having iOS and ‘Droid means they are fully mobile optimised.
But this is missing the point. These are ‘nice to haves’, not the key to a mobile strategy.
What is needed is education as to what mobile can actually do and actually deliver for businesses. And this is what mPayments Summit is really about. Sure, there will be a lot about charge to mobile and some on other mobile payments tech, but really what it is about is context: putting mPayments into the mobile context.
Speakers from the BBC, Comic Relief, INMA and a host of tech providers will be talking through what mobile can deliver for all kinds of merchants: not just about how to make payments work, but also how payments can be the start of the re-engagement process for merchants.
So if you are a merchant and want to claim your share of the missing £6.6billion a year then you could do worse than to free yourself up on 9 June and head to mPayments summit. Sign up here.