Thursday, September 29, 2011

Google Wallet's impact on retail

Mobile Commerce Daily reports that it does not believe Google Wallet app will have much impact on short term retail sales but there are long-term benefits such as loyalty conversion rates and increased qualified sales. 

“The enrollment rate for loyalty programs could reach up to 70 percent thanks to NFC-enabled mobile wallets such as Google Wallet.  If you are paying with your phone, you already have the phone out so the barrier to converting someone is radically lower.” per Matt Wise, CEO of ePrize

“We see the launch of Google Wallet as a significant step forward in the hugely expanding North American and global mcommerce marketplace,” says Gary Schwartz, MEF North America chair and CEO of Impact Mobile, Toronto, Canada. “Google’s product brings awareness to the viability of mobile payments across a wide audience of consumers and merchants.”

Mobile commerce is expected to grow significantly in North America this year, having lagged behind many other countries.  Students are often early adopters of new technologies, so stores should expect that shopping-saavy students will soon be looking at more mobile payments.

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