VeriFone eBook: Mobile Commerce - Challenge or Opportunity?


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The Unstoppable Mobile Revolution - With more than 1 Billion smartphones worldwide, retailers are taking notice of the benefits and opportunities provide by mobile payments. This eBook by VeriFone explores the opportunities of mobile for both retailers and consumers alike.

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VeriFone eBook: Mobile Commerce - Challenge or Opportunity?

  1. 1. mobile commerceUNITY? CHA LLENGE or PORT OP
  2. 2. Consumers’ Mobile Love Affair Ever since smartphones and tablets burst onto the scene, consumers have flocked to the ingenious devices. Annual smartphone sales now outpace traditional mobile phones by a rate of 3-to-1.1 And shipments of iPads and Android-powered tablets are increasing at a tremendous rate of thirty-eight percent.2 Over 1.1 billion smartphone users worldwide. eMarketer, May 2013 Opportunities and Challenges of Mobile Commerce the unstoppable mobile revolution 2
  3. 3. Retailers Take Notice A A energize the shopping experience Savvy merchants realize mobile technology can help inject some much-needed excitement into their stores. Tablet registers, reimagined store layouts, innovative mobile apps and engaging consumer software offer new ways to connect with customers and increase profits. Mobile devices can help energize the consumer shopping experience and invite customers back to brick-and-mortar stores. Opportunities and Challenges of Mobile Commerce the unstoppable mobile revolution 3
  4. 4. 4 opportunities & challenges Mobile presents the retail industry with both major opportunities and challenges. The ability to access vast amounts of data from online sources from any location allows for new applications that completely change the shopping experience and the relationship between merchants and consumers. The parties who better leverage mobile media to foster consumer engagement, increase loyalty and drive repeat business will be the winners in this brand new world. Opportunities and Challenges of Mobile Commerce mobile brings
  5. 5. The Challenge: 5 “ Opportunities and Challenges of Mobile Commerce Showrooming examining a product in store... While purchasing in-store is the most popular for those who research in-store, showrooming may still be an issue for retailers as 37% purchase on a smartphone or tablet after researching in-store.3 The main in-store mobile activities are comparison shopping (59%), looking for coupons (48%) and searching for product reviews (47%).3 ” Coined just a few years back, the term “showrooming” describes the practice of examining a product in a store, and then buying it online for a lower price. Showrooming has grown from a fringe practice to the norm, widely adopted by mobile users. And it’s spreading globally, from its start in the United States to multiple countries worldwide. ...buying online at a lower price
  6. 6. relationship selling engage consumers... 79% of retailers plan to integrate mPOS by 2015. Forrester Research To combat “showrooming,” retailers recognize they need to better engage consumers and develop their own mobile platforms and applications. With mobile solutions for smartphones and tablets, they can take advantage of back-office data, consumer data and online services to engage consumers in richer shopping experiences. Mobilility enables retailers to provide a personalized experience, while also leveraging location-based, geo-targeted offers and coupons. 6 Opportunities and Challenges of Mobile Commerce The opportunity: 70% of retailers expect to enable store associates with tablet-based solutions in the next three years. RIS News ...provide a personalized experience
  7. 7. smarter stores (Within the Next 36 Months) Projected % of Retailers Using Mobile Apps4 83% 66% 66% 64% Inventory Management Task Management CRM Messaging 62% 60% 59% 43% Mobile POS w/Tender Cross-channel Save-the-sale Line Busting w/Suspend HR Mobile technology is reinventing commerce, helping retailers create smarter stores, bringing better service to the hospitality industry and expanding commerce options for a wealth of other industries. Mobile POS helps reduce lines at checkout; inventory management brings more flexibility and efficiency to store operations; and mobile CRM brings rich customer data to the fingertips of every sales associate. Adoption of mobile solutions at POS is on the rise, with integration of mobile throughout the commerce experience expected to expand over the next two years.4 Opportunities and Challenges of Mobile Commerce The opportunity: 7
  8. 8. Online Comes In Store (Within the Next 36 Months) Projected % of Retailers Using Mobile Payment Apps4 53% 50% 42% PayPal Coupons on Mobile Screen Google Wallet 23% 14% 12% Apple Passport Isis Square 11% Amazon Payments While consumers can use online tools against a retailer (showrooming), retailers can turn this to their advantage by bringing the online experience in store. Many of the Internet giants, plus countless new companies, are developing ways to engage retail shoppers. Mobile wallets and NFC-driven concepts for digital couponing, offers and promotions can help drive store traffic. Using online retail to create engaging experiences in store can come in many forms. With POS systems already in place, the opportunity to try different approaches and partnerships is easy and requires little additional investment. Opportunities and Challenges of Mobile Commerce The opportunity: 8
  9. 9. Enhanced Operations “ Increased revenue Large retailers can boost revenue by $20,000 per location by adopting mPOS and saving one single walkout per day. Yankee Group 5 ” • psell and cross-sell with fingertip access to past customer U purchases • ncourage repeat business with electronic loyalty and E rewards programs • row sales by bringing products to life in dynamic tablet G catalogs sO LD sO LD sO LD Greater sales • eploy more campaigns, including digital offers, promotions D and coupons • reate a checkout anywhere, increasing employee C productivity • Capture sales on the spot, never missing another sale Better service • Personalize service with access to customer profiles • eliver faster response times by accessing inventory online D satisfaction • nhance shopping experience with engaging tablet software E Opportunities and Challenges of Mobile Commerce The opportunity: 9
  10. 10. navigating 10 Opportunities and Challenges of Mobile Commerce The opportunities While the opportunities to leverage mobile technology are vast, so are the options and potential challenges. How does a retailer choose the right path? How do they limit their mistakes or avoid them altogether? And ultimately, how does a retailer develop the right, comprehensive mobile strategy – a roadmap from concept to deployment, all while maintaining uninterrupted store operations, POS functionality and sales? ? ? ? ? ? iOS, Android, Windows mPOS, Retailing, CRM ? What’s missing How can operations improve ? How do you plan to stay relevant Mobile or cloud wallets NFC, Beacon, Barcode What is the strategy to further the brand ? What is the competition doing better
  11. 11. reimagined 11 not much has changed in store layout... It’s no wonder many retailers are feeling overwhelmed by the changing landscape. After all, not much has differed in store layouts over the last one hundred years. While there have been advances in technology and processes in the last century, the shopping experience is still very similar. Most notably, associates have stayed behind the counter, separated from their customers, until now. have stayed behind the counter Opportunities and Challenges of Mobile Commerce Store layout
  12. 12. reimagined 12 Checkout C E Floor Sets Client Engagement Inventory Reporting Training Self Service Now, retailers have an opportunity to dramatically rethink store layouts, bringing customers and employees closer together. Mobile technology can affect the entire store, playing a role in improving both operations and the shopping experience. Opportunities and Challenges of Mobile Commerce Store layout
  13. 13. solution Keeping an eye on future technology is a key component of any strategy. For example, whatever mobile platform a retailer implements, it must be flexible and scalable – able to securely integrate both current technology as well as new and emerging solutions. This is also true for other verticals like transportation, health care, petroleum and taxi, to name a few. mWallets Mobile CRM Out-of-store Sales RETAIL POS SYSTEM Mobile Inventory Line-busting/ POS Roaming POS Opportunities and Challenges of Mobile Commerce scalable, flexible 13
  14. 14. the right 14 Opportunities and Challenges of Mobile Commerce partner Trust in an expert already in place at the point of sale. The opportunities and challenges of mobile commerce do not have to be faced alone. Navigate the new landscape with a trusted partner. VeriFone has been integrating the newest and greatest technology into payment systems for over thirty years. With VeriFone, gain access to the industry’s broadest collection of mobile payment solutions, POS software and platforms for wallets, apps and innovations. From retail and hospitality to transportation and petroleum, a wide variety of industries can increasE revenue, build customer loyalty and improvE service and operations with a partner that has the right mobile expertise. bringing the newest and greatest payment technology for over 30 years
  15. 15. mobile payments Success Story: Deployed cutting-edge mobile payment solution, PAYware Mobile • urned over 3,000 smart devices into T mobile payment solutions • mpowered sale associates to perform E line busting, price checking and inventory management • nabled all forms of payment, including E mag-stripe, debit/credit, chip and PIN, EMV and NFC Opportunities and Challenges of Mobile Commerce empowering 15
  16. 16. mobile retail Success Story: Integrated, highly engaging tablet software, GlobalBay Retailing • nabled sales associates to access online E catalog in real time, cross-selling and upselling consumers on the spot • mpowered associates to order out-ofE stock items online, shipping directly to the customers’ homes • eeply integrated the mobile solution within D the existing back-end infrastructure Opportunities and Challenges of Mobile Commerce empowering 16
  17. 17. mobile platforms Powerful Partnerships: Opening the point-of-sale to outside innovation • nabling 80% of retailers accepting PayPal, E Google Wallet or Isis in the United States • aking it seamless to remotely add and M manage multiple wallets in millions of POS systems through innovative software and services • ffering the most extensive line of NFC O payment solutions in the world Opportunities and Challenges of Mobile Commerce empowering 17
  18. 18. 18 Opportunities and Challenges of Mobile Commerce Capitalize on the Mobile Revolution
  19. 19. Simplifying the integration of mobile devices, software and platforms that can help grow business. To help navigate the mobile revolution, trust in the proven expertise of VeriFone. Already at the epicenter of commerce, VeriFone is uniquely suited to help simplify the deployment and integration of new concepts at the point of sale. Unmatched Mobile Portfolio For most merchant types and use cases, VeriFone offers a mobile solution to match. ENHANCED Customer Experience New software for tablets and smartphones is revolutionizing merchant-consumer interaction. Enabling Mobile Platforms To answer demand for mobile wallets, apps and alternative payments, VeriFone makes it easy with unparalleled open access. Trusted Expertise For mobile solutions today and tomorrow, look to the proven expertise of VeriFone: the leader in electronic payment technology and ironclad security. Click the “Learn More Now” button below or visit us at Learn More Now Opportunities and Challenges of Mobile Commerce VeriFone Mobile Solutions Empowering Mobile Commerce 19
  20. 20. references 20 2 © 2013 VeriFone, Inc. All rights reserved. VeriFone, the VeriFone logo and PAYware are either trademarks or registered trademarks of VeriFone in the United States and/or other countries. All other trademarks or brand names are the properties of their respective holders. Opportunities and Challenges of Mobile Commerce IHL Report, “Mobile POS: Hype to Reality” May 15, 2013 3 JiWire’s Mobile Audience Insights Report for Q2 2013 4 2013 RIS News Store Study - Free Version 5 Yankee Group 1