mCommerce strengthens its grip
Mobile commerce has come quite a way since the technology was produced to allow people to buy Coca Cola from a vending machine by sending a SMS message by mobile phone giving the payment instruction. That was in Helsinki back in 1997 and in the last 14 years companies have developed a whole range of new technology in the payment sector, with their services in increasing demand as businesses seek closer and closer links to consumer spending.
Apple’s iPhone and the smartphone revolution which it kick started is just one of the things that has transformed mCommerce, with SMS gradually fading from the picture with both security and sheer volume problems. With smartphones offering swift and secure payment transactions for a wide range of items from content subscriptions, to tickets for a show which can be bought by smartphone and its presentation at the Box Office not long afterwards will confirm the purchase and ensure the seats. With this level of portability and real time transactions the smartphone is quickly becoming the single most important piece of technology in the modern home.
For the modern company however, shrewd CEOs do not need to know the ins and outs of the technology, just the possibilities for monetisation it offers. Offering companies an opportunity to monetise their content and products to consumers anywhere at the click of a button using centralised payment accounts is a development previously unfathomable. In the 21st Century, the development of mCommerce truly brings consumer and content owner closer than ever before.
The only challenges which companies will face in this ever changing industry is understanding how best to implement and integrate payment gateways into their existing offerings. The process of managing physical product purchases could be seen as more straightforward than the monetisation of digital content but both require experience in understanding the different challenges which face the content or product owner. What is clear however is the need for a well-integrated service that offers the consumer both flexibility and functionality across multiple payment types and especially devices such as smartphone. Companies should understand that to offer this level of modern functionality and convenience does require a level of payments expertise and service.
Despite the challenges and the need for considered investment successful brands who integrate multiple payment offerings into their customer channels are proven to not only increase the level of ARPU and customer retention but also by proxy experience an uplift in the strength of a the brand by being renowned for their convenience of functionality on offer. With mCommerce and ultimately a greater understanding of the opportunities of eCommerce payment solutions, brands are winning not only the battle of the high street but also the living room and indeed everywhere.