Mobile commerce shines bright in online shopping
Equifax shares how to optimize your consumer mobile experience at Open Mobile Summit
The 2016 holiday shopping season got off to a roaring start, particularly for the mobile channel which is seeing historically high sales. For the first time ever, online sales from mobile devices such as tablets and smartphones topped $1 billion during the 2016 Black Friday event, according to Adobe Digital Insights. In fact, Adobe reports that mobile sales represent a whopping 36 percent of total sales for the day—a 33 percent year-over-year increase.1
For retailers, this spells big opportunity for revenue growth, but only if your mobile channel is optimized for fast, frictionless consumer-friendly transactions. Anything that slows down a consumer at the point of sale can cause them to abandon the transaction and move on to your competitor.
At the recent Open Mobile Summit tradeshow in San Francisco, Equifax presented to a group of retailers who are facing a similar challenge with mobile transactions. They need to increase mobile security to help consumers feel better protected when engaging with them via mobile, yet stronger security often results in a slower transaction and more manual data entry for consumers [read: friction]. And, we all know friction can be bad for business. Is it possible to increase one without increasing the other? In short, yes!
“InstaTouch ID® is a multitasking, split-second identification and authentication tool that quickly validates consumers and their devices—while also minimizing consumer data input— to deliver a more frictionless point of sale and omnichannel consumer experience,” says Hrishi Talwar, Sr. Director Product Management for Mobile Platforms/Products at Equifax, who led the discussion at the recent Open Mobile Summit show.
Hrishi shared how InstaTouch ID is helping businesses resolve the conflict between security and friction by automatically filling data fields with information that’s been authenticated across multiple data sources. What’s more since those databases include a mix of traditional credit information and a wide range of alternative data sources, it also can empower retailers to serve a wider audience of consumers who may have thin credit or no credit [think: up and coming Millennials].
It’s all about helping consumers make faster purchases on their mobile devices in fewer clicks, and all within a more robust digital process. And now, with the holiday shopping season behind us, there’s no better time to consider how this game-changing service can help optimize revenue in the new year.
If you missed us at the Open Mobile Summit and want to learn more, please download our product sheet: InstaTouch ID. To learn more about the many ways Equifax is helping retailers grow their business and mitigate fraud risk, please visit http://www.equifax.com/business/retail-and-wholesale-trade.
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