I am an information junkie. I sign up for a multitude of e-newsletters. I set up Google Alerts for topics that are important to me, watch Twitter trends and follow thought leaders on social media. Each morning, I sift through the information to find the day’s gold nugget. Here’s what I learned from my inbox this morning:
- 57% of U.S retailers are preparing or already have a mobile commerce strategy.*
- Mobile commerce will generate $6 billion in sales this year and is expected to double in 2012.
- “Life is luck, make it.” –Mother Teresa
Mobile commerce is here to stay. As you develop your strategy, I offer food for thought:
1. Consider how you sell: B2B, B2C, B2G. Evaluate how consumers use mobile technologies in your environment.
- Customers want to use mobile payments at a physical store
- Your business is on the go: conventions, catering, services, healthcare, etc.
- Contactless payments for transportation
- Businesses or government want to pay accessing an electronic check/ACH account
2. Look at who the key players are:
- American Express is partnering with Foursquare and Facebook with a focus on large and small merchants.
- MasterCard and Google are banking on the Google wallet and NFC
- Visa has invested in Square and is committed to NFC and the digital wallet.
3. Focus on payment security.
- From swipe, transmission, to storage—if you aren’t confident your customers’ data is secure, omit that solution from your strategy.
The fragmentation of the mobile payments industry can be overwhelming. Keeping track of all the acronyms, start ups, new terms and technologies is a challenge, but one thing is certain—you make your own luck. Don’t leave business on the table. Develop a mobile payments strategy, be willing to adapt, and enjoy your well-earned luck.
*Internet Retailer e-newsletter