Mobile developments
that are shaping the future

With consumers spending more than 12 hours on their phones dailyⁱ , mobile has fast become an optimal platform for reaching out to your customers.

2017 has been a phenomenal year for mobile developments. Here’s how you can leverage these advancements to stay ahead of the game.

Mobile Apps Payment

Online purchases are usually made with Internet banking or Credit and Debit cards. With the introduction of various mobile payments such as Apple Pay, Google Wallet, Alipay and more, customers are shifting to m-commerce.

“Mobile data can be integrated with other apps (via the cloud) far easier than traditional methods,” says David Mercer, founder of SME Pals.

Mobile payments are not only cost-efficient but they are also a huge time saver, as the transaction occurs in seconds, removing the need for businesses to create a customised payment system or purchase bulky cash registers. It is a convenient option as it does not require much technical knowledge or infrastructure, and is hassle-free and affordable.

Offering mobile payments is especially beneficial for SMEs as it enables them to integrate incentive programs, offer credit card payments, track customer trends and inventory with purchasing data, and saves money on credit card feesⁱⁱⁱ. If you are hosting a booth at an event, mobile payments are a simple and secure way to accept payment outside of your store or office.

Cyber Security

In 2015, health insurer Anthem made public that cyber thieves stole 80 million social security numbers from its computers^iv. Just this year, there was a massive cyber security breach that exposed the data of 57 million over users of the ride-sharing service, Uber^v.

Contrary to popular belief, SMEs are equally at risk of cyberattacks as compared to MNCs. According to research by Ponemon Institute and Keeper Security, 50% of SME security was breached in the past 12 months^vi.

Breaching of online security leads to a decline in consumer confidence as it affects business reputation and consumers may no longer perceive it to be a trustworthy entity.

It is crucial for all businesses to have cybersecurity defensive measures in place, such as antivirus software, password-security software, data encryption, intrusion prevention tools, firewalls and data backup solutions.

Webstores and apps with in-built security features are also becoming the norm and their presence should continue to rise in 2018. 

Augmented Reality (AR) & Virtual Reality (VR)

2017 has seen a breakthrough in AR and VR with gaming trends such as Pokemon Go, which caught the world by storm. Experts predict that AR and VR will generate $150 billion in revenue by 2020^vii, presenting a potential market for developers and enterprises to explore.

Virtual Reality is the use of computer technology to create a simulated environment. In VR, you are viewing a completely different reality than the one in front of you. AR is used in apps for smartphones and tablets. AR apps use your phone's camera to show you a view of the real world in front of you, then put a layer of information, including text and/or images, on top of that view.

One of the most impressive examples of AR application would be Google Translate. With AR technology, the app is capable of providing real-time translation of text via the smartphone camera. As for VR technology, Ford engineers and designers have the ability to test elements of new cars, saving them approximately $8 million in one year^viii.

AR and VR could be great ways to bridge the gap between your customers’ offline and online experiences, allowing for a more seamless customer journey.

Chatbots

57% of firms globally are either planning to use or are already using chatbots in 2017^ix , and it is predicted that by the end of 2020, 80% of businesses would have adopted chatbots^x. The GlobalWebIndex Statistics also show that 75% of Internet users are adopters of one or a few messengers^xi.

Domino’s, for example, does an incredible job with their chatbot system, equipped with the capability to save contacts and baskets that the user can request for later on. It also instils humour into the replies to add a personal touch and increase user engagement ^xiii.

Chatbot technology has become an effective way to improve customer experience. It personalises the user experience, increases customer engagement and click-through rates, and allows businesses to collect customer insights and data which would help with improving the overall experience.

The rise of mobile technology coupled with the fact that the general population are on their smartphones more than ever, makes it a perfect time to shift more resources to implementing mobile technology into your business strategies. This way, your business becomes not only mobile-steady, but also future-ready.

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ⁱ http://www.straitstimes.com/singapore/12hr-42min-connected-for-hours

ⁱⁱ https://www.americanexpress.com/us/small-business/openforum/articles/5-major-benefits-of-mobile-payments

ⁱⁱⁱ https://www.americanexpress.com/us/small-business/openforum/articles/5-major-benefits-of-mobile-payments

^iv http://fortune.com/2015/05/20/cybersecurity-small-business

^v http://www.straitstimes.com/world/uber-says-cyber-breach-compromised-data-of-57-million-users-drivers  

^vi https://signup.keepersecurity.com/state-of-smb-cybersecurity-report

^vii http://fortune.com/2015/04/25/augmented-reality-virtual-reality

^viii http://www.realitytechnologies.com/business

^viii http://www.businesstimes.com.sg/technology/the-rise-and-rise-of-chatbots

^x https://chatbotslife.com/10-benefits-of-adopting-chatbot-marketing-to-your-business

^xi https://theappsolutions.com/blog/marketing/benefits-of-chatbots-for-business

^xii https://chatbotslife.com/10-benefits-of-adopting-chatbot-marketing-to-your-business

^xiii https://theappsolutions.com/blog/marketing/benefits-of-chatbots-for-business