The Green Sheet Online Edition

November 24, 2014 • Issue 14:11:02

Preparation is key for mobile prosperity

The mobile payment revolution is here, and yet who can blame the average ISO for ignoring all the whiz-bang mobile schemes in favor of plowing ahead with the day-to-day managment and support of traditional payment solutions. Thankfully, mobile payments are still in their infancy, with no single type of solution or business model dominating the landscape. So ISOs can remain focused on business-as-usual and, at the same time, start to develop a mobile strategy that fits your organization.

An Oct. 10, 2014, Gartner Inc. blog post titled 5 Ways to Prepare for Mobile listed the steps that businesses can take today to prepare for the future of mobile commerce. First, Gartner Analyst Jennifer Polk said that in the next two years, businesses will have to figure out:

1. What mobile engagement strategies will fit the business' clientele
2. How to reorient a digital commerce strategy to include mobile
3. What investments should be made in people, processes and technology

Next, Polk gave five ways businesses can prepare for mobile commerce growth. They are:

1. Analyze customers' mobile behavior: How do customers use mobile devices and how does their usage differ between smartphones and tablets?
2. Be aware of triggers for behavior changes: How will changes in mobile technology, such as the launch of Apple Pay, or increased adoption of near field communication-enabled Google Wallet, affect your customers' behavior? How should you prepare for these possible changes?
3. Adapt mobile commerce to customer behavior: Instead of introducing something that requires customers to change their behavior, accommodate your mobile commerce to how customers already use their devices, shop and engage with your brand.
4. Add value for customers: Look for ways to add value for your customers through mobile offerings that save them time and money, like mobile apps that support pre-ordering and pick-up.
5. Innovate through creativity and utility: Innovation in mobile commerce can come from creative applications and features, like sharing photos of products that include price checks and in-store availability.

With preparation and forethought, you will be ready to take advantage of mobile payments when the right time arrives, and reap the benefits.

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

Prev Next