Oct 17, 2014
Twitter recently announced the launch of its new Twitter Payments option that allows its users to send money using a single tweet. The service has initially rolled out to those with both a French bank account and a Twitter account. And it’s super easy to use – to pay via Twitter users simply download BPCE’s S-Money App (you can get this on the iTunes Store or Google Play) and use the exact symbols and words required.
Example of a Twitter Payment:
Nicolas Chatillon, chief executive of S-money commented on the significant impact the launch could have on the mobile commerce industry, “This innovation opens up numerous opportunities in the payments field: charitable donations, crowdfunding in all its forms, ticketing, cash-back programmes, etc.”
Below we discuss the rise of mobile commerce and the potential impact it could have on your revenue. As always, we’re offering handy tips on how businesses can take advantage – this week we’ll reveal how businesses can claim their share of on-the-go sales by setting up a mobile commerce presence.
Twitter isn’t the only global giant taking advantage of the rising popularity of mobile commerce. Facebook is said to be working on its own payments system in secret – the payments system will reportedly be operated through its Messenger app. Other leading giants like Amazon and PayPal all have new payment systems in place. And this week Apple launched its hotly anticipated Apple Pay. Apple Pay lets users pay for goods and services both online and in the physical world using their phone.
Last year was the year of the mobile movement. But 2014 is quickly paving the way for the mobile payment era. The adoption of mobile payments is truly gaining ground and it’s not just leading online companies who need to be quick to react. Smaller businesses need to embrace the mobile payment shift or risk getting left behind.
The Centre for Economics & Business Research shows that 5.6million people in the UK use phones to purchase goods and services and the figure is expected to rise to 20 million by 2020. In addition the value of goods and services bought on a mobile device are expected to nearly triple from £4.8bn in 2013 to £14.2bn in 2018.
And it’s not just UK users eager to buy on mobile devices – Irish online users are quick to adapt to on-the-go purchases too. According to statistics from The Irish Digital Consumer Report 2014, 28% of Irish online shoppers use smartphones to make their purchases and 80% of 18-34 year olds have used a tablet or phone to buy something online.
According to Google, 67% of people are more likely to buy from a mobile-friendly site, while 61% are eager to leave when they can’t find what they’re looking for. It is, therefore, absolutely essential to ensure that your website is responsive or at least mobile optimised. Creating a seamless and easy-to-use experience for your customers will mean that they’re more likely to browse for longer and stick around to buy. There are no more excuses for not having a mobile optimized website.
Responsive designs use CSS3 media queries to ensure that the layout adapts to the screen size using proportion-based grids and flexible images. Make sure you hire a designer/developer who knows how these media queries work. Your images and different elements will then re-size automatically to fit the screen size your customer is using. However, it’s far easier to begin designing your website with a mobile-focus in mind. You’ll find a great range of adaptable responsive templates on the likes of Shopify and Theme Forest.
A Rackspace survey of 2,009 smartphone and tablet owners revealed that 71% of people attributed simplicity and ease of use as the main factor that influenced their decision to buy on a mobile device. When it comes to mobile commerce you should have one motto: go simple or go home. There’s never been a more important time to create a seamless experience for your customers. Your main goal is to remove any barriers to buying on the go. For the new Twitter Payments option all it takes is a few steps to secure your payment. Does your site boast the same simplicity?
Remember on a mobile device every action occurs with a tap instead of a click. Your navigation and design should be built firmly with this in mind. For example, you should make your buttons larger and ensure that they are clearly labeled (think big fonts and simple words). Minimize the steps your customer needs to take to make a transaction (but remember the importance of clearly displaying your security settings). You will then need to conduct user testing across a range of different mobile devices to check for any potential issues that might prevent your customers from buying.
According to a 2014 Mobile Payment & Fraud Survey, 32% of merchants see mobile as riskier than standard eCommerce sites. This figure is up from 24% last year. David Montague, President & Executive Consultant at The Fraud Practice says, “Not only are organizations now more likely to find that the fraud risk associated with the mobile channel is higher than with standard web eCommerce, but organizations are also more likely to believe the mobile channel requires additional tools for managing risk.” Having a secure payment process (and clearly displaying your security settings to potential buyers) is essential to alleviating any concerns your customers might have over buying on the go.
One of the difficulties of getting mobile commerce right is striking the balance between providing both a secure payment process and creating a seamless and speedy checkout experience. Realex Payments has just announced a new mCommerce platform that seems to provide an impressive solution for both. Not only does it allow users to save their card details so they can pay with minimal clicks, it also facilitates a secure and reliable payment service. Security features include 3DSecure authentication, AVS checks, and Realex Payments’ fraud scoring. It seems like this might be a solution worth investing in.
Mobile is one of the fastest growing areas within digital marketing. We’ve developed the Professional Diploma in Digital Marketing for anyone responsible for the planning, execution or measurement of mobile marketing campaigns. The course covers everything from apps and gaming to mobile commerce and messaging. Need to upskill? Find out more here.