The Mobile Consumer; Patrick Gauthier of PayPal; "Shortening the Distance from Want to Get"
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New York, NY - Point Roberts, WA - June 3, 2014 (www.investorideas.com newswire) Investorideas.com, a global news source covering leading sectors including mobile payments and payment technologies issues a report following attending the recent Cartes Conference held in Las Vegas in May. Mr. Patrick Gauthier, head of Emerging Services at Paypal keynoted the Tuesday May 13th session and gave the audience insight into the mobile consumer of today and the future.
Mr. Gauthier opened by reminding us that Target shows how difficult the retail business has become. The security breach resulted in a loss of Billions of dollars of stock value and the CEO lost his job. "Retailers are at the conjunction of a different problem to solve", he noted.
In terms of a retailers cost, two thirds is from logistics, so retailers are a margin thin business in dire need of reinvention.
He pointed out new technologies to pay are coming out from multiple companies but consumers are really interested in fulfilling needs. He said at Paypal they are looking at shortening the distance between want and need.
Going into detail on the demographics of the mobile consumer, he told us 75% of smart phone users are mobile shoppers. Seventy percent find a store, 61% redeem coupons and 45% scan bar codes in-store.
"Its' all about making commerce personal", he noted. What works he said were personalized offers, with a 55% usage, followed by location based messages at 53%, inspirational content such as recipes at 50% and in-store digital devices at 48%.
The new recipe for success is about bringing mobile to the point of sales.
He said his concern about EMV is that is disconnected from the new shopping journey.
It should be a series of browse, search, select, buy and use.
"Right now the mobile life cycle is moving faster than payment standards" he said.
He concluded, "Beacons connect the dots and Apples iBeacon will transform the industry."
Beacons are devices that communicate with the consumer's smartphone to enrich the shopping experience.
There are two kinds of beacons he said, passive and active. With the Paypal app you can automatically check in and pay and seamlessly connect with the PayPal Beacon.
http://www.cartes.com/ Las Vegas May13-15
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