As omnichannel eCommerce continues to expand so does mobile shopping growth which is also having a good year. App Annie found that there were 14.4 million downloads of shopping apps between March 29 and April 4. They found that about 60% of American adults actually prefer shopping on mobile phones. As expected this trend is more pronounced in younger people than older customers. This trend is here to stay and is another indication of how quickly habits are changing. At least 168 million Americans have used a mobile device to make a purchase in 2020 already according to eMarketer.
Mobile Payments
Mobile technology has seen incredible innovation in the past decade. There are currently so many options for customers to choose from. Consumers have become accustomed to systems like Apple Pay which continue to evolve. This pandemic has created opportunities for brands to offer discount or reward loyalty. For example American bread chain Panera, now offers guests 3% daily cashback on Apple Card when using their app or on the Panera’s website. This is an omnichannel approach able to leverage the use of mobile payments to effectively meet market needs.
More recently, Google has launched an “experiment” that looks set to change eCommerce, mobile shopping and perhaps how we think about the omnichannel experience. The app called Shoploop is designed to make the mobile shopping experience more interactive than a normal eCommerce site. The idea is customers spot an item on Instagram perhaps. While deciding to buy the item, Shoploop directs customers to Youtube to watch a demo or tutorial or check the review for that item. Thereafter, the customer is directed to an eCommerce site to purchase the item. Should the concept take off, it could be a game changer and a counterbalance to Amazon’s dominance of global eCommerce.
Business attitudes
However, in a recent JP Morgan Chase survey of 1,000 US retail and restaurateurs payment speed remain the top concern among businesses. The pandemic is as highlighted the significance of eCommerce payment systems to small businesses. Chase Merchant Services did a related study recently which was quite insightful. 28% of small businesses said they were “likely” or “very likely” to make a change to their online payment system in the next 12 months. This provides a big opportunity for digital upgrade, digital transformation and eCommerce more broadly speaking.