A new report by Juniper Research forecasts that the gross merchandise transaction value of mobile payments for physical goods will exceed $170 billion worldwide by 2015. This is nearly triple the $60 billion forecast for 2011.
Juniper Research found that initial growth had been fuelled by a dramatic upsurge in retail apps in the wake of the consumer smartphone explosion. However, there was an increasing industry awareness of the need to enable an integrated shopping experience within the wider context of a fast expanding eCommerce market, thus enabling seamless access to retail sites across multiple devices.
Senior analyst David Snow explained: "Our research for this report underlined the importance of mobile as an extra channel to market, but Juniper believes that mobile campaigns must be tightly linked to print, online and store based campaigns to ensure consistency of customer experience. Increasingly people will browse on one device such as a PC and then buy from another such as a smartphone."
However, the Juniper report also advises that vendors need to innovate unceasingly as the market develops and becomes more competitive.
Further key research from the mobile payments report shows:
· The market will gain further momentum in the medium term following the increasing deployment of POS (point of sale) solutions to facilitate in-store cashless transactions.
· Retailers have observed a marked uplift in average transaction value
when cash is replaced by a mobile payment method.
The report uses an innovative quadrant approach to compare the positioning of some 17 mobile payments vendors. These vendors are also profiled in the report, allowing the reader to pinpoint their strategies. The forecasts provide detailed five year regional data for mobile payments for digital & physical goods, showing key parameters which include subscriber take-up, transaction sizes and volumes. Also revealed are the strategies used to enable consumers to pay by mobile through case studies from companies such as Brooks Brothers and Danal.
The whitepaper: ‘The Goods, the Payment and the Mobile!’ and further details of the new mobile digital and physical goods study can be freely downloaded from the Juniper website.
SOURCE: Juniper Research Limited