Online Payments and Their Effect on Mobile

It's far too soon to predict which platform, if either, will ultimately prevail. However, the fallout for retailers will be that an ever-increasing percentage of shoppers will demand easier and easier online transactions. As the mobile payment battles continue, online retailers don't need to try to predict a winner just yet. That said, knowing such speed and convenience will soon be commonplace for transactions in physical stores, they need to seize the opportunity to do everything in their power to ensure that their transactions are as fast and seamless as possible.

If consumers get used to buying music on iTunes or apps on Google Play with one click, they'll expect the same experience in other mobile transactions. If their phones allow them with a single touch to buy a sandwich at Subway, how much patience will they have for m-commerce sites that take too long to load or don't correctly adjust to the smaller mobile screen size? If they can buy a washing machine at Sears by scanning a barcode with their phone, how will they react in the frenzy of the holiday rush when an online retailer requires them to fill out multiple screens of personal, shipping and payment information on the fly?

How creative retailers need to get in expanding their online payments options depends on their customers’ needs and interests. For example, a recent survey of 7,200 online shoppers reported that 25 percent plan to try Bitcoin some day. Retailers need to spend wisely when it comes to their online operations. This year they also need to be aware that the era of experimentation in online and mobile payments is upon them.

Ken Burke is the founder and executive chairman of MarketLive, an on-demand e-commerce platform and solutions provider. Ken can be reached at ken@marketlive.com.