The Bombshell: More Connected Devices Mean More Purchases
A recent report makes it clear: users that have more connected devices are making more purchases.
It's the ultimate in no-nonsense report: released as part of a coalition effort between Visa and PYMNTS.com, there's no hesitation, no qualifiers, and no couching at all. Essentially, the point made was simple: if consumers have connected devices, they will make more purchases, making it more important than ever for stores to be face-forward on connected devices, mobile shopping, and mobile payments.
Introduced at the WIRED Business Conference, the points were unambiguous. Seventy-five percent of all consumers have at least one connected device. That includes smartphones, game consoles, computers and tablet computers. Meanwhile, 83 percent consider these time saving devices that make purchases easier to make, creating what amounts to an unattended checkout.
These customers want most to see auto-payment options both at the pump and in-store going forward, with 40 percent looking for both. Those connected customers mean more purchases, particularly in apparel and footwear. Over half of respondents in each of 11 out of 19 available product categories made online purchases through a device, and within a week of the study taking place.
Security, as ever, was the biggest problem; over 75 percent of respondents called “data privacy” their biggest concern while 69 percent considered “order verification and accuracy” to be the biggest issues. Banks have a great opportunity in this, as over 65 percent considered bankcard networks along with card issuers to be the most trusted institutions in offering the best and safest in retail and other payment experiences.
All of this is exciting stuff. Businesses now have the necessary use case fodder to go ahead with augmenting the mobile experience. Banks have the use case needed to build mobile payment apps as these are more trusted than anyone else for providing the best experiences. Those who fail to get in on their respective points, meanwhile, are more likely than ever to lose significant ground to competitors and ultimately lose opportunity to hold market share in a rapidly changing market.
With these points in mind, we're likely to start seeing further shifts in the field, including more mobile payment systems availability in stores and more bank- and card-issuer-driven mobile payment systems. The customer is clearly interested, and not keeping up with customer interest is a sure way to lose customers.