By Alex Evans, Editorial Director, National Business Awards
Online retailers are putting plans in place to extend their mobile commerce offerings over the next two years according to a poll conducted by WorldPay, the payment processing and alternative payments specialist.
The research, carried out with 109 senior managers at the Internet Retailing Conference in London, reveals that only 29% of businesses currently offer m-commerce solutions for customer payments. Of all those polled, 80% revealed plans to add mobile offerings in the next 24 months, and a further 14% of respondents indicated they were likely to roll out this channel in 3-4 years.
Nearly two thirds (60%) said the greatest driver for m-commerce was increasing demand from customers who expect to be able to complete transactions across mobile devices.
However, technological capability was cited as the biggest barrier by 28%, followed by data security (18%), perceived cost of processing the payment and the overall payment process (15% and 13% respectively) and the risk of fraud (8%).
“M-commerce has long been spoken about but is now becoming a reality through technological advances and customer demand,” Gabriel Hopkins, Head of eCommerce Products at WorldPay. “It is encouraging to see that merchants have plans in place to implement m-commerce capability in the very near future. The technology available now makes this possible and merchants will need to look at ways to improve their online and mobile shopping experience for consumers to ensure these channels reach their full potential.”
These findings support recent research conducted by WorldPay, which found that despite recent developments in mobile payments, 39% of smartphone shoppers are frustrated by the length of time it takes to complete an m-transaction.
Innovators and pioneers in m-commerce have already been recognised by the National Business Awards, with Monitise founder Alastair Lukies a finalist for Entrepreneur of the Year and several finalists in the WorldPay Online Business of the Year already offering m-commerce solutions.
Naked Wines was crowned winner of the first WorldPay Online Business of the Year award at the National Business Awards Gala Dinner on 8th November. For details of all of this year’s winners, and video highlights of the Gala Dinner, visit www.nationalbusinessawards.co.uk
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