INDEPENDENT RETAILER magazine is now the official news outlet for Wholesale Central visitors.
Each monthly issue is packed with new product ideas, supplier profiles, retailing news, and
business strategies to help you succeed.
See new articles daily online at IndependentRetailer.com.
Aug 1, 2012
Online shopping cart abandonment rates are sky high, topping 70 percent according to some studies, and incomplete sales can be a problem for today's online retailers. Buyers may be annoyed by the hassle of filling out online forms, or concerned about supplying credit card information, and choose not to complete a purchase. One solution may be direct mobile payments that allow buyers to make a purchase in just seconds, billing the transaction to their monthly mobile statement. Instead of filling out forms with personal information, a buyer simply types in his or her mobile phone number followed by a pin number received on his or her wireless device and the purchase is complete. Technology consultancy Yankee Group predicts that global mobile transactions will grow from $241 billion in 2011 to more than $1 trillion by 2015. There are a number of companies that specialize in secure mobile payment solutions, including boxPAY, a company that allows merchants to integrate payment options into ecommerce websites to enable SMS and direct carrier billing; Zong, a postpaid mobile micropayment service that was acquired by eBay in 2011; and BOKU, which partners with mobile network operators worldwide. In an era when almost everyone has a mobile device, mobile payment solutions that enable carrier billing and prepaid balance deductions can be an integral part of an online company's expansion strategy.
Topic: Web Tech Tips
Entire contents ©2019, Sumner Communications, Inc. (203) 748-2050. All rights reserved. No part of this service may be reproduced in any form without the express written permission of Sumner Communications, Inc. except that an individual may download and/or forward articles via e-mail to a reasonable number of recipients for personal, non-commercial purposes.