It’s no secret that people of all ages are becoming increasingly attached to their mobile phones, and if your organization doesn’t have a strategy for getting them to use their device to give you money, you’re likely to soon be out of a very lucrative loop.
Tech analysts almost all agree on this new and fast-moving trend.
A June study by Deloitte found that 58% of consumers who own a smartphone have used it for checking and comparing prices while they shop. The same study reported that mobile will influence more than $159 billion in sales this year. Gartner predicts that will reach $617 billion by 2016.
In a Forrester survey released in August of about 7,600 U.S. adults, 30% of mobile-phone users expressed interest in paying by phone. More tellingly, 65% of consumers age 25 to 34 have reported already using their smartphones to shop.
All this points to a need for company finance leaders to keep a close eye on how the organization’s IT team, marketing and sales folks are helping customers and clients easily pay for goods and services using a mobile device. Whether its by a custom app or a mobile-optimized website, letting folks pay you by mobile looks like the wave of the future.
You can read more about your options and developments in this tech arena at CFO.
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