Growth Of Multi-Channel And Omni Channel Payments

Growth Of Multi-Channel And Omni Channel Payments

A shift in shopping is occurring, and small business retailers need to adopt a strategy to keep up with the shift. The shift is being driven by the rise of the smartphones, like the iPhone, the speed of telephone networks, the growth of online shopping, and growth of new payment types like Apple Pay and EMV. A few figures demonstrate the growth of these areas:

  • eMarketer estimates that there will be 190.5 million US smartphone users of all ages this year, representing 73.4 percent of internet users and 59.3 percent of the population. By 2019, the smartphone audience will reach 236.8 million.
  • The number of consumers browsing and buying online will hit 270 million by 2020, driven largely by activity on mobile devices.
  • More than 100 million people will make an NFC mobile payment in 2016. Growth in payments are the following:

The growth of smart phones, online purchases, NFC payments, and other trends is driving changes in consumer shopping behavior. A recent survey by WSJ/comScore indicated the following regarding shopping behaviors:

Share of purchases made online:

  • 2014: 46%
  • 2015: 48%
  • 2016: 51%

How purchases are made:

  • Research online and in store, buy in store: 22%
  • Search and buy online: 42%
  • Search and buy in store: 20%
  • Research online and in store, buy online: 16%

Purchasing on a smartphone by generation:

  • Millennials: 63%
  • Gen Xers: 41%
  • Baby Boomers: 19%
  • Seniors: 8%

Source: WSJ/comScore online survey conducted between January 30 and February 9, 2016 with 5,330 respondents.

These facts also support the growth of these areas…..

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