A wave of consumer-driven initiatives are set to make life simpler for us all in 2016, according to the Deloitte Global Technology, Media, Telecommunications (TMT) Predictions for 2016 , from the integration of cognitive technologies, such as voice activation, to faster internet connections and simpler mobile online payment processes.
As well as consumers driving capacity, they are also expected to determine how consumption occurs and how devices are used.
One of the predictions in this year’s report is the boom of touch commerce - an increase of 150% in the number of users, up to 50 million globally - providing an express lane for mobile online checkout.
Touch commerce will smooth the process between shopping to checkout on sites and apps on mobile devices by enabling shoppers to simply use their fingerprint, a couple of touches of the screen or a pin number to make a secure payment.
Touch commerce will seamlessly allow first-time consumers on a mobile website to purchase items without the hassle of submitting their name, address, email, phone number, security questions and payment details to conclude the transaction.
The effort and time spent filling out mind-numbing “required fields” can ultimately leave some deserting their shopping carts.
Personally I can admit to leaving purchases mid-way through the transaction purely from frustration and loss of interest - a key stroke in the wrong spot refreshes the page and I’m left to start again.
The Deloitte 2015 Mobile Consumer Survey discovered that of the more than 30% of Australians who regularly browse on their phone, less than 10% actually buy. This statistic further underlines the issue shoppers are encountering somewhere between browsing and payment.
However, this statistic does pose opportunities for businesses, websites and apps alike to explore the possibilities of touch commerce.
The 2016 TMT Predictions expect touch commerce to transform the overall mobile shopping experience and have a big impact on online buying. But what impact will touch commerce have on brick and mortar retail businesses?
According to the 2015 Deloitte report Navigating the new digital divide – digital influence in Australian retail, 40% of store visits are influenced by digital; and consumers are using digital devices to research, find and compare products, boosting conversion to sales by 25%.
The report also reveals 65% of customers use a digital device before shopping and 31% while shopping. This indicates that if businesses can create an online experience designed to stimulate the consumer, sales will also be generated in-store.
Technology in 2016 offers opportunities for businesses to enhance and refine their online presence. For retailers, there is potential to improve the shopping experience overall, online and in-person.
Touch commerce has the capacity to reduce ‘browse to pay’ to seconds and create a win:win for consumers and business, converting browsers to buyers.
Yes, businesses may need to update their online payment systems to accommodate these new technologies. But the benefits should outweigh the risks, as more people make it through the payment process without tearing their hair out!
