Over the last several years, since consumers began regularly using smartphones, mobile commerce has taken off. While some consumers still prefer to use their desktop computers to purchase products and services online, a lot of consumers have taken to mobile commerce because of its convenience.
This phenomenon has opened new doors for consumers while, at the same time, creating new opportunities and challenges for merchants. Looking forward into the new year and beyond, how will merchants continue to capitalize on the immense growth and popularity of mobile commerce, and will consumers reap the benefits?
In the U.S. this year, consumers spent around $200 billion buying products and services through mobile browsers and apps, per the report, The State of Digital and Mobile Commerce from the Mercator Advisory Group. That’s an astounding number, considering that just ten years ago, consumers were only using their mobile phones to call one another or to check their email.
In the next couple years, mobile commerce will continue to grow, as consumers and merchants grow increasingly comfortable with the idea. In the report, Mercator projects that mobile browsers and apps will account for $615 billion of revenue in 2025, a startling uptick over today’s figures and an indication that the growth will, in fact, continue.
This isn’t a short-term phenomenon, but rather a trend that will have a lasting impact on consumers, merchants, technology providers and their interactions within the digital commerce world. But it’s also important to remember that these numbers are projections. If they want to capitalize on this growth and reach these lofty projections, merchants need to effectively address some key issues with the mobile channel like security, false declines and the consumer experience.
Fortunately, Cardinal Consumer Authentication (CCA), our rules-based authentication solution, can address these challenges. CCA is unique because it allows merchants to create their own customizable rules, from many different data fields, that will determine whether a given transaction should ultimately be authenticated. Since this solution utilizes so much rich data, it will also enable seamless authentication, which means the consumer won’t be interrupted at all during checkout.
One Connection to Cardinal will Drive Digital Commerce.