The retail landscape is changing and mobile devices represent key enablers of the change, noted Elias Ghanem, PayPal’s managing director of Southeast Asia and India. He was presenting at PayPal’s Mobile Commerce Innovation event held today at Singapore’s Mandarin Oriental Hotel.
“Mobile shoppers constituted nearly half of all online shoppers in Singapore last year,” said Ghanem based on the PayPal Online and Mobile Shopping Insights study conducted by PayPal and The Nielson Company.
The mobile commerce market in Singapore grew from S$43 million in 2010 to S$328 million in 2011, and is forecasted to grow ten-fold to reach S$3.1 billion in 2015, according to the study.
“As we had predicted, 2011 was a blockbuster year for mobile commerce in Singapore. Retailers are waking up to the fact that they need to offer ‘anytime anywhere’ mobile shopping experiences for their customers,” said Ghanem.
“It is important for businesses, locally, to adapt to the changing consumer shopping behaviour and have a mobile solution or they will lose out,” warned Ghanem.
“Merchants and retailers cannot ignore this reality – mobile devices are important companions to consumers whether they are paying on the devices or using them to complement offline shopping,” added Rahul Shinghal, director of PayPal Mobile Asia Pacific, who also presented at the event.
Tapping the trend
“PayPal is investing in mobile payment solutions to enable more businesses to capitalise on the booming mobile commerce trend in Singapore,” Shinghal said.
PayPal has rolled out the PayPal Mobile Payments Standard solution, which according to Shinghal enables faster and easier mobile payments – “two clicks on Web-enabled mobile devices.”
“Poor mobile payments can affect sales of retailers,“ Shinghal pointed out. “According to PayPal’s survey, nearly two-thirds of mobile shoppers in Singapore had previously stopped a mobile transaction because of the hassle of entering their financial details, such as 16-digit credit card numbers,” he said.
PayPal’s mobile payment solution reportedly automatically provides all merchants that accept PayPal on their website with a mobile payment checkout feature optimised for mobile devices.
“PayPal detects when customers are using their mobile device for the payment process and redirects them to a mobile-optimised payment page, even if the merchant’s website is not optimised for mobile devices yet,” Shinghal said.
PayPal is also piloting its Mobile Commerce in a Box solution in Singapore to enable businesses to convert their online stores to mobile-optimised websites.
Sign up for CIO Asia eNewsletters.