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The Future of Mobile Wallets

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The influence of mobile technology on retail in this century has been truly astounding. By 2003, 95 million people around the globe made a payment via their mobile device. By 2015, there were 500 million users making 50 billion transactions for a total volume of 610 billion USD. With mobile wallet growth on the rise, could it be the next subset of mobile commerce to reap the benefits of a mobile hungry populace? Over the last five years, m-commerce has enjoyed a 30% compound annual growth rate (CAGR) that is showing little sign of slowing down. If brick and mortar retail is still king, what will it take to bring mobile wallet adoption out of the hands of early adopters and into the hearts and minds of shoppers worldwide?

Put the Rumors to Rest: 3 Myths about In-Store Pickup Dispelled

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Today’s consumers expect to shop when they want and get what they need as quickly as possible, so it’s no surprise that more and more retailers are offering omnichannel options. Every retailer has different priorities, but the goal is the same – to offer consumers the most streamlined, convenient and satisfying shopping experience imaginable. This means providing a retail experience that isn’t either physical or digital anymore – but physical with digital. When it comes to fulfillment options, this means online purchase, in-store pickup.

The demand for buy online, pick up in store is higher than ever. According to Jarrett Streebin, CEO of San Francisco-based shipping firm EasyPost, in-store pickups for online purchases grew 15 percent in November, and will grow again in 2015. Unfortunately, many retailers are hesitant to implement this fulfillment model as a result of misguided perceptions. In reality, implementing in-store pickup is not nearly as expensive, complicated or narrowly-desired as they think. Here is the truth behind three common misconceptions about in-store pickup:

Retailers Embrace In-Store Pickup Amid Rising Shipping Costs

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The onset of 2015 marked a huge change in shipping costs, and as a result retailers are struggling to find ways to maintain their bottom lines. As of Jan. 1, packages are now being evaluated by their “dimensional weight,” or volume, instead of determining price by weight alone. Experts say that the when combined with other annual rate hikes and surcharges, the resulting average rate increases will be as high as 30% or more.

Unfortunately, retailers are being forced to make sacrifices in the name of customer service in order to soften the blow. Some are raising free-shipping minimums, some are raising prices, and others are cutting free shipping altogether. But for the 68% of retailers already offering free delivery, cutting free shipping would take a serious toll on customer satisfaction.