Online fraud increased 360% in France post EMV and the U.S. will likely realize the same in 2016. However, mobile is the future of retail.
According to a new special report by Boston Retail Partners (BRP), mobile commerce has become a valuable revenue stream for retailers. However, retailers need to address security risks and privacy concerns as they prepare for the anticipated shift of fraud from stores to e-commerce and mobile commerce sites.
Mobile commerce is growing at a faster rate than any other channel and is the future of retail. As a retail imperative, mobile devices are creating many potential opportunities and risks for retailers to consider:
Mobile Websites vs. Apps – While a mobile responsive Web site is a requirement for all retailers with e-commerce, a well-designed mobile app can elevate the shopping experience and increase customer loyalty and sales.
In-store Possibilities – Beyond line busting, there are many other mobile opportunities for retailers to enhance the customer experience and drive incremental sales, such as customer identification, geolocation, guided selling, customer Wi-Fi and cross-channel transactions.
Security Risks – History has shown that when EMV (Europay, MasterCard and Visa) is implemented in a country, store fraud is reduced and online fraud rises dramatically. Now that many retailers have implemented EMV, the focus should be on locking-down security for e-commerce and m-commerce.
Privacy Concerns – Retailers are concerned over how best to protect their customers’ privacy while still gathering location, preference and purchase data.
Integration Challenges – With the addition of mobile channels, the integration, dissemination and consolidation of all pertinent data is compounded, making it more challenging for retailers to provide customers a seamless experience with the brand. A shift from silos to a holistic paradigm must occur as retailers upgrade their mobile capabilities.
For data, background and forecasts on Mobile Commerce: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).