December 1st, 2014 by Elma Jane
Few Americans will likely remember the life and work of Martin Cooper, largely because most Americans have no idea who Martin Cooper is. Without Martin Cooper much of what we identify as normal life for the last two decades would not have been possible, as without his invention we would still be looking for pay phones, dropping off film to be developed, printing out boarding passes and contemplating a future where a plastic rectangle was the height of payments technology.
Anyone reading this has a phone with internet access which means no one has to guess, with a few taps on a smartphone most readers who didn’t already know were able to find out that Martin Cooper invented the handheld mobile phone and by so doing changed the lives of not just Americans, but people all over the world.
Mobile has integrated so seamlessly into our life that we didn’t realize it was changing everything we do.
Here are the list of all of the ways that mobile has improved life for us all.
We All Get To Know Everything All The Time, with just a smartphone. Impulse buy is a thing of the past because consumers just don’t buy on impulse as much anymore. A new intentionality has taken hold of shopping. Many Americans have the money and the will to spend. But they are time-pressed and deal savvy, visiting stores only when they run out of items like cereal or toilet paper and after doing extensive research on purchases online and with friends. They buy what they came for and then leave. Plus consumers are harder to fool, they know if they are being overcharged because they can look it up in real time while they are in the showroom.
Full Price Is A Notion Utterly Without Meaning. There are sites like Groupon, LivingSocial and a thousand imitators offer coupons pretty much across every retailer that mean no matter where one is shopping or eating they’re probably a few button taps away from paying less for the type of service they are out for. And then there are the retailer rewards programs all bent on giving consumers more stuff for free as long as they use their mobile coupons.
We All Think Way More About Privacy And Digital Security Than We Used To. Twenty years ago one’s largest security concern was probably that their home or car would be broken into, followed closely by their wallet being stolen. Now we wait for Russian cybercriminals to steal our cards by hacking into POS systems and lifting the data. Or for cybercriminals to hack our phones and upload naked pictures of us to the internet (celebrity readers only). Or for Nigerian princes to trick our grandparents into wiring them money. In short, while we still fear for our physical possessions as much as we ever did, the mobile world gave us something entirely new to worry about, the integrity of our data and who could use our phones, cards and email accounts as a backdoor into our entire personal and financial lives.
We Want It All, And We Want It Now. Anyone with a phone in their pocket can, in one way or another, buy it on the spot. Which has given rise to the push for same-day delivery, consumers who can buy it now, also want to be able to get it now, or as close to now as possible.
We Also Want It Later. Maybe the consumer likes going to the store, enjoys the Christmas lights, wants to eat at a mall food court, they just don’t want to stand inline. And now, through the magic of omnichannel commerce, they may not have to do. Through the magic of multi-device shopping an instore pick-up, consumers are increasingly getting used to finding something on their mobile, paying on their computer and picking up in store. Or some combination thereof.
Mobile has made commerce less a race between the e-markets and the brick-and-mortars, and more a race to offer the most seamless commerce experience. Mobile has taught ever one to care less about where they buy, and more about what the total buying experience is.
We Pay For Access Instead Of Objects. Ten years ago when your family set about its early experiments in binge watching television with the first season of Lost, odds are everyone gathered round and watched a DVD set or maybe a Blue Ray, if your family happened to be full of early adopters.
This weekend, when entire families are sitting down to watch How To Get Away With Murder, more likely than not they are streaming it through Hulu. Unless they don’t want to watch that, in which case, they are watching something else on Netflix on their phone while sitting in the same room with their family. Unless of course this is a football family, in which case you are paying the NFL for access to every football game played everywhere in America tomorrow and a cable company to watch in HD.
We Want To Use A Phone To Access Everything. It’s almost now quaint to refer to a time when phones were used primarily to talk. With the rapidly emerging internet of things, it will soon be quaint to talk about a phone as a tool used primarily for communicating and shopping.
The smartphone is already heading toward being the key interface between connected devices and products (The Internet of Things) and their users. Among other things, people will use the device to remotely control household appliances, interact with screens and automatically adjust car settings to their preferences.
We Kinda Hope The Phone Might Keep Us Alive. With the release of Apple Pay, also came the release of Apple Health that has widely been reported as ushering in the age of mobile device as wellness guru. Smartphones can already help people lead healthier lives by providing information, recommendations and reminders based on data gathered through sensors embedded in users’ clothing (shoes, wristbands, etc.) or through other phone capabilities (motion detectors, cameras, etc.).
And, even if you don’t listen to your phone and put your health at risk, it will still probably save you. Internet-enabled mobile devices are becoming important tools in broadening access to health care, diagnosing diseases and saving lives in crisis situations.
Making Life A Lot Better For Everyone. Small merchants can do something now that they couldn’t do en masse twenty years ago. Take credit card payments and use a tablet to do that and run their business. With the emergence of mobile, came thousands of the other mPOS solutions and platforms exploding all over the world. This has not only changed the way these small businesses operate, it has changed their entire pitch to their customers.
Mobile has made life easier for many consumers, but for some businesses and many people mobile has made mainstream financial participation possible.
Posted in Best Practices for Merchants, Smartphone Tagged with: (POS) systems, brick-and-mortars, cards, consumers, credit card payments, customers, data, e-markets, email accounts, mobile, mobile coupons, mobile device, mPOS solutions, omnichannel commerce, pay phones, payments technology, platforms, Small merchants, smartphone, tablet
February 24th, 2014 by Elma Jane
When someone asks what business you are in, how do you typically respond?
For many online sellers, the answer is likely I sell (name of the product), I’m an ecommerce merchant or I’m an online retailer.
Make the focus of your business your customers and its value proposition, not the fact that you sell online. It’s time to simply answer the question of what business you are in with a response that is more or less, “I am a (distributor, retailer, reseller) of (name your products) for (name your market).”
Back then, most business owners who sold products online described themselves as “ecommerce businesses” or “online retailers,” to differentiate from brick-and-mortar or catalog retailers. Most operated their own pure-play online stores. Some sold products on eBay. Amazon’s marketplace was mostly comprised of larger retailers. There’s an evolution in how e-commerce owners describe themselves.
Today, you will still hear many online sellers describe themselves as “ecommerce businesses” or “online retailers.” But, in 2014, those terms don’t really apply. Whatever you sell, you are delivering a set of products to meet the needs of a specific market. “Ecommerce” or “online retailing” is simply a technology and a sales channel.
There is now no difference between “ecommerce” and “commerce.” It’s time to get rid of the “e” in ecommerce. Most businesses participate in ecommerce in some fashion. You engage your customers in many different channels — your own e-commerce site, brick-and-mortar, online marketplaces. Regardless, you and virtually every other B-to-C or B-to-B company are selling goods to customers across those channels.
Why Worry about Labels?
Today, commerce is multichannel and highly competitive. It’s done online, on the phone, face-to-face, and on desktop, mobile, and tablet devices. Make sure your business has an omnichannel strategy, so your shoppers can find you. Make sure the information about your company and products is consistent regardless of the channel. Focus on whom your prospective customers are, what they want to buy, and how much they are willing to pay.
Business owners should think strategically. Part of strategic thinking is focusing on the bigger picture, such as having the right products and ensuring that your buyers can find them.
Omnichannel Focus
Think about omnichannel commerce every day. Get your brand and products in front of your target customers regardless of where they are shopping. Below are some things to consider to facilitate an omnichannel strategy.
Chat and phone. If you don’t offer online chat or take phone orders, consider doing so.
Marketplaces. If you aren’t selling your products in marketplaces outside of your own online store, consider doing so.
Mobile. If you don’t have a mobile strategy, you need one.
Payment options. If you only take credit cards for payments on your website, add alternative payments like PayPal, Google Wallet, or Amazon Payments.
Social media. If you don’t have a social media presence, your market share is likely declining.
Customer Focus
Twenty-five years ago, if you asked a brick-and-mortar retailer or a catalog vendor what business she was in, she would likely respond as, say, “jewelry retailer,” “men’s clothing store,” “a department store,” or “hardware store.” She knew her target customer niche, how to reach them, and what products they wanted to buy. Those businesses that did the best job of (a) matching products to the consumer, (b) offering low prices, and (c) utilizing the right distribution likely won most of the business.
It’s time to get back to that focus. It’s more challenging than it used to be because the purchase cycles are far more complex than in 2002. There is no longer a straight path from identifying the need to research to purchase. Consumers typically identify a need and purchase intent, research products, research prices, research products further, conduct social media research, and then purchase a product and demand instant gratification and free shipping.
To be successful in 2014, commerce – not just ecommerce – requires the following.
Emphasize your value proposition. Regardless of how a shopper finds you, be sure he can quickly find out that you are a leading retailer of products in your market. Being clear on what your business is will also help establish trust with your shoppers.
Execute the 4 Ps of sales and marketing – “product,” “price,” “promotion,” and “place.”
First, make sure you know your target customers and what problems they are trying to solve or the need that you fulfill with your products. Know their demographics, their buying cycles, price tolerance, and where they research and shop.
Know your competitors.
Posted in Credit card Processing, Digital Wallet Privacy, e-commerce & m-commerce, Electronic Payments, Internet Payment Gateway, Mail Order Telephone Order, Mobile Payments, Small Business Improvement, Smartphone Tagged with: alternative payments, Amazon, brick and mortar, catalog retailers, catalog vendor, commerce, credit cards for payments, e-commerce site, ebay, ecommerce, ecommerce merchant, mobile and tablet devices, omnichannel, omnichannel commerce, online retailer, online sellers, online stores, phone orders, sales channel, sell online
