E-Sales From Smartphones and Tablets See Double-Digit Growth
In my last blog I talked about the growing trend in e-commerce by way of mobile devices, which has in turn driven a new concept in web design – responsive websites. Now that the numbers are in, I can pat myself on the back and declare myself at least a short-term financial and design prophet. According to an analysis released by IBM, Cyber Monday sales jumped 20% from 2012, making it the biggest online shopping day in history. Purchases made on mobile devices surged 55.4% over last year, and made up 17% of Cyber Monday’s total online sales.
Given these numbers, it is becoming increasingly clear that online credit card processing is moving from the PC to the Smartphone and the tablet as companies like Google and Apple design better operating systems for mobile devices. Ryan Reith, program director of mobile device research at International Data Corporation market research firm, says “…there are a lot of people who don’t touch a PC in a given week. They will look toward their tablet for shopping.”
One of the issues that has kept consumers on their PCs up until now has been extreme reluctance to enter their bank or credit card information on a mobile phone. But with more and more mobile device apps falling in line with PCI-DSS compliance standards, most consumers now consider their Smartphone as secure as a PC.
Among the developments that helped create this sense of security is the rise of Point-to-Point Encryption (P2PE) solutions. P2PE basically means that the cardholder data is encrypted before it enters the smartphone or tablet and stays encrypted all the way to the P2PE Solution Provider, who then transmits it safely to the payment processor. Another safety feature is the proliferation of anti-malware and anti-hacking apps that have locked up most mobile devices, giving the consumer the boldness to go online from anywhere.
Shopping online during the holidays is increasingly popular but the improvement of online payment, mobile security, Smartphone and tablet browsing, and the rise of e-commerce websites using a “responsive format” now make it unnecessary to wait until the “Cyber Monday” after Thanksgiving weekend to do your online shopping. One source states that 7% of all retail sales will be consummated online by 2016. That’s just two years from now. The future is upon us!
Mobile Devices Drive Cyber-Monday Online Cash Transactions Through The Roof! – ©2014 Money Movers, Inc.