New In-App Developments Allow Mobile Payments

Online shopping is nothing new, but now, consumers have the ability to make in-app purchases. Apps like Facebook, Twitter, and Pinterest have built or are in the process of building commerce platforms to help keep consumers engaged.

The growth of mobile payments is changing the face of ecommerce, and in the US alone, social commerce hit $15 billion in 2015. Social selling strategies are becoming more important for businesses to pay attention to, and social media managers will have to adjust their role to accommodate sales promotion.

Added to the increase in mobile payment options, consumers are moving further away from cash and credit cards. New payment services like Apple Pay, Google Wallet, and Venmo are changing how people pay for products and services. Apple Pay offers consumers the ability to swipe their iPhone 6 or newer on an NFC reader at checkout to pay for the transaction. With Venmo, consumers can transfer money easily to each other, getting rid of the need to carry a wallet or cash.

While mobile payments may be on the rise, security and privacy are still big factors that need to be addressed. With past and potential security breaches at the back of many consumers’ minds, there will be those that won’t initially trust these services and question the security of virtual payments.

To keep up with the changing landscape of ecommerce, social commerce, and mobile payments, all businesses should pay attention to all data gathered, including demographics, in-app behaviors, data trends, and more. Consumers interact with brands on social channels now more than ever, making this one market to target.

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