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Social Commerce: Triangulation of Social, Mobile & Payments! Transaction World Magazine, April 2012
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SOCIAL COMMERCE REPRINTED WITH PERMISSION OF TRANSACTION WORLD MAGAZINE | APRIL 2012 As mobile broadband begins to become more prevalent, mobile phones are getting smarter, and payment tech- nology is becoming more streamlined and mainstream. These three factors intersecting simultaneously are leading to a new burgeoning segment that’s being defined as Social Mobile Payments or more simply social commerce. Over the last year while in the midst of organizing the Social Mobile Payments event I’ve spoken with a plethora of indi- viduals involved in many different aspects of this new burgeoning market- place. All seem to have the same consen- sus concerning this new segment and that is we’re all still trying to figure this thing out and piece it together. Every few months someone pops their head up and shouts “Eureka I’ve found it!” and tells everyone about their fantastic new con- traption that pieces together the three segments. Then a short while later, another innovator, adds a twist, or inter- connects it into another network, render- ing the previous contraption passé. This is all occurring at a dizzying pace; so much so, that even the sharpest minds in the business are having a hard keeping up with the innovation that’s taking place around the world. Some emerging mar- ket countries are border lining on becoming cashless societies and new vir- tual currencies like Bitcoin and Facebook credits have the capabilities of becoming a new international currency. The traditional financial service infra- structure is struggling. Regulators are striving to keep up, banks are trying to figure out where their next buck is coming from and card companies are scampering to remain relevant in this new age of social, mobile payments. The traditional idea of put your money in a bank because it’s a secure building and your money is safe inside their vault is last decade thinking. Most transactions are digital nowadays and your money is an electronic notation in a secure data center somewhere. We have direct deposit of our incomes, and snap pictures with our smartphones to deposit checks we receive. Then we spend our incomes using online bill pay, and a collection of debit and credit cards. For many these cards are begin- ning to meld into their mobile phones. Programs like the popular Starbucks card app, AMEX’s Serve and the Prepaid Card in the Google Wallet powered by MasterCard and Money Network. All these programs are transitioning users to the mobile app by marrying the virtual card in the smartphone applica- tion to a physical card in your possession. These programs are all gaining new users on a daily basis. Then there are players like PayPal who recently announced integration of their services with Ingenico payment termi- nals, and acceptance capabilities in over 50 Home Depot Stores nationwide. I’ll sum this all up by quoting Gartner’s Gene Alvarez “By 2015, companies will generate 50 percent of Web sales via their social presence and mobile applications. Vendors in the e-commerce market will begin to offer new context-aware, mobile-based application capabilities that can be accessed via a browser or installed as an application on a phone.” As the number of mobile phones over- takes PCs, customers will use mobile browsers and applications as the main points of interaction. “E-commerce organizations will need to scale up their operations to handle the increased visita- tion loads resulting from customers not having to wait until they are in front of a PC to obtain answers to questions or place orders,” said Gene Alvarez, research vice president at Gartner. “In time, e-commerce vendors will begin to offer context-aware mobile-shopping solutions as part of their overall Web sales offerings.” “Customers are clamoring for new and easy ways to interact with the organiza- tions they deal with, and no company should think itself immune to this new business dynamic,” Mr. Alvarez said. “As more people use smartphones, they will expect an extension of their customer experience to be supported by this kind of device while demanding that social aspects of the Web be intertwined with this experience. At the same time, organizations are looking toward new countries and regions for growth. As a result, it is time to take a fresh look at your organization’s Web sales capabilities to ensure that social software, mobile technology and globalization are part of your organiza- tion’s online future.” n Join us at the Social : Mobile : Payments Conference & Exhibition, April 11-12, 2012 at the World Center Marriott Resort & Convention Center. For more informa- tion please visit: http://www.socialmobile- payments.com SOCIAL COMMERCE THE TRIANGULATION OF SOCIAL, MOBILE AND PAYMENTS by Bruce Burke A pioneer in electronic point-of-sale systems, Bruce Burke has extensive experience in electronic transactions, point-of-sale, eCommerce and mCommerce. He can be contacted at [email protected] or by phone at 727-612-5775
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Social Commerce: Triangulation of Social, Mobile & Payments! Transaction World Magazine, April 2012! This article precedes the upcoming Social Mobile Payments Conference & Exhibition at the World Center Marriott Resort & Convention Center - April 11-12, 2012 for complete information and registration visit us online at http://www.socialmobilepayments.com
Transcript of Social Commerce: Triangulation of Social, Mobile & Payments! Transaction World Magazine, April 2012
SOCIAL COMMERCEREPRINTED WITH PERMISSION OF TRANSACTION WORLD MAGAZINE | APRIL 2012
As mobile broadband begins tobecome more prevalent, mobile phonesare getting smarter, and payment tech-nology is becoming more streamlinedand mainstream. These three factorsintersecting simultaneously are leadingto a new burgeoning segment that’s beingdefined as Social Mobile Payments ormore simply social commerce.
Over the last year while in the midst oforganizing the Social Mobile Paymentsevent I’ve spoken with a plethora of indi-viduals involved in many differentaspects of this new burgeoning market-place. All seem to have the same consen-sus concerning this new segment andthat is we’re all still trying to figure thisthing out and piece it together. Every fewmonths someone pops their head up andshouts “Eureka I’ve found it!” and tellseveryone about their fantastic new con-traption that pieces together the threesegments. Then a short while later,another innovator, adds a twist, or inter-connects it into another network, render-ing the previous contraption passé.
This is all occurring at a dizzying pace;so much so, that even the sharpest mindsin the business are having a hard keepingup with the innovation that’s taking placearound the world. Some emerging mar-ket countries are border lining on
becoming cashless societies and new vir-tual currencies like Bitcoin and Facebookcredits have the capabilities of becominga new international currency.
The traditional financial service infra-structure is struggling. Regulators arestriving to keep up, banks are trying tofigure out where their next buck is coming from and card companies arescampering to remain relevant in thisnew age of social, mobile payments. Thetraditional idea of put your money in abank because it’s a secure building andyour money is safe inside their vault islast decade thinking.
Most transactions are digital nowadaysand your money is an electronic notationin a secure data center somewhere. We have direct deposit of our incomes,and snap pictures with our smartphonesto deposit checks we receive. Then we spend our incomes using online billpay, and a collection of debit and creditcards. For many these cards are begin-ning to meld into their mobile phones.Programs like the popular Starbucks cardapp, AMEX’s Serve and the Prepaid Card in the Google Wallet powered by MasterCard and Money Network. All these programs are transitioningusers to the mobile app by marrying thevirtual card in the smartphone applica-tion to a physical card in your possession.These programs are all gaining new users on a daily basis.
Then there are players like PayPal whorecently announced integration of theirservices with Ingenico payment termi-nals, and acceptance capabilities in over50 Home Depot Stores nationwide. I’ll sum this all up by quoting Gartner’sGene Alvarez “By 2015, companies willgenerate 50 percent of Web sales via theirsocial presence and mobile applications.Vendors in the e-commerce market will
begin to offer new context-aware,mobile-based application capabilitiesthat can be accessed via a browser orinstalled as an application on a phone.”
As the number of mobile phones over-takes PCs, customers will use mobilebrowsers and applications as the mainpoints of interaction. “E-commerceorganizations will need to scale up theiroperations to handle the increased visita-tion loads resulting from customers nothaving to wait until they are in front of a PC to obtain answers to questions orplace orders,” said Gene Alvarez, researchvice president at Gartner. “In time, e-commerce vendors will begin to offer context-aware mobile-shoppingsolutions as part of their overall Websales offerings.”
“Customers are clamoring for new andeasy ways to interact with the organiza-tions they deal with, and no companyshould think itself immune to this newbusiness dynamic,” Mr. Alvarez said. “Asmore people use smartphones, they willexpect an extension of their customerexperience to be supported by this kindof device while demanding that socialaspects of the Web be intertwined withthis experience.
At the same time, organizations arelooking toward new countries andregions for growth. As a result, it is timeto take a fresh look at your organization’sWeb sales capabilities to ensure thatsocial software, mobile technology andglobalization are part of your organiza-tion’s online future.” n
Join us at the Social : Mobile : PaymentsConference & Exhibition, April 11-12,2012 at the World Center Marriott Resort& Convention Center. For more informa-tion please visit: http://www.socialmobile-payments.com
SOCIAL COMMERCETHE TRIANGULATION OF SOCIAL, MOBILE AND PAYMENTS
by Bruce Burke
A pioneer in electronic point-of-sale systems,Bruce Burke has extensive experience in
electronic transactions, point-of-sale, eCommerce and mCommerce. He can becontacted at [email protected]
or by phone at 727-612-5775
