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?
Customer loyalty is no longer the powerhouse that it once was. In the digital age, consumers expect top-notch customer service, and the ability to buy what they want, anywhere, and anytime, through various channels, offline and online. With brick-and-mortar stores seeing fewer and fewer purchases while online sales continue to enjoy meteoric rises, retailers must face the music, and it’s a whole new dance card.