Retail is still eCommerce king

Written by:   Varsha Jain, Strategy manager, Global Retail,  19 Dec 2018

Mobile has caused huge disruption to the way that consumers shop. In only a few short years, smartphones have transformed how consumers shop and pay. According to our latest Mobile Payment Journey research, 32% of global shoppers use mobile devices to purchase fashion items, the most-bought goods category in retail.

The retail landscape, and fashion in particular, is at the forefront of digitalisation - engaging with consumers through new channels in ways often far ahead of other consumer areas. High-end retailers have seen sales rise by double digits in the last year to a record-breaking $49 billion.

At Worldpay we have worked extensively with fashion companies over the years and have a sub-vertical dedicated to them. Our merchant book includes most of the ‘World's Largest Apparel Companies 2018’ as listed in the Forbes Global 2000 List.

The recent success of high-end retail around the world owes a great deal to the shift in shoppers’ habits as they move increasingly from physical and desktop browsing and into more immersive, effective mCommerce. Fashion retailers have had to recreate, scale and innovate their brand experience on mobile. A seamless shopping experience from start to finish is essential – that means both seamless and frictionless.

When creating this new and ideal mobile payment journey, every aspect of the shopping experience must be considered; from homepages, app vs browser to displaying the relevant security and confirmation messages.

We have created the Mobile Payment Journey to help retailers and brands create the perfect mCommerce experience – as there is no one-size-fits-all model – it’s specific to verticals, regions and shopper types. The Mobile Payment Journey has seven major elements for merchants to consider when creating a truly frictionless, addictive payment experience.

Today’s consumers are using their mobiles more often, and this makes the mobile shopping experience imperative in a world where retailers need to stay relevant just to stay competitive.

Find out more about our Mobile Payment Journey and discover how it can help your business.

Written by:   Varsha Jain, Strategy manager, Global Retail,  19 Dec 2018