MasterCard, citing results from a study written for it by the Economist Intelligence Unit, flatly said that “mobile commerce is predicted to become king.”
The intent of the study was to chart the many changes in consumer behavior that are attributable to the proliferation of smart mobile devices and, said MasterCard in a statement, “the mobile phone will overtake the physical store, website and call center as the single most important communication channel with customers by 2020.” The card issuer based that on what its researchers heard in interviews with some 300 leading retailers across Europe.
Among the other, key study findings:
“Retailers are ramping up investment in new technology solutions to keep pace with customer demand: in the next year, 44% of retailers will offer contactless payment technologies in-store, voting this the single most important area for short-term investment. More than one in three (35%) will invest in new technologies to enhance e- and m- commerce.”
“Smaller companies are capitalizing on agility and speed: Larger retailers are also more likely to cite legacy issues as holding the industry back when it comes to offering the multi-channel opportunities that consumers want: for example, 70% cited speed of adoption across different global markets, versus 60% amongst smaller retailers.”