CHICAGO, ILLINOIS -- (Marketwired) -- 05/23/13 -- With the recent global recession tightening credit from large banks and a growing portion of the population with no bank options at all, major retailers have stepped in to fill the void, according to research from Euromonitor International.
The report, "Retailers' Encroach on the Payment Landscape" discusses the rise of new technologies in the payment space, as well as developments in both retail and financial services, including regulatory pressures, new cost challenges and evolving consumer habits. Retailers are well positioned to continue to use consumer finance products to drive sales, while the future of the modern retail environment will create opportunities for lenders and card issuers to partner with retailers and expand their product reach.
"Card payments are a huge market globally, which we estimate at $13.8 trillion dollars in 2012. For the first time, retailers can take advantage of this new technology, such as smartphones to connect to the consumer before, during and after the final sale," said Michelle Evans, Consumer Finance Analyst at Euromonitor. "Retailers are likely to know more about others in the payments space, in terms of what a consumer wants and what solutions would create more friction than add value. In this fast-changing landscape, it is the ability to adapt a product to consumer needs that could separate the winning payment solution from a failure."
Key Facts from the Report:
-- Internet retailing is forecast to grow at 13% CAGR over 2012-2017, with the fastest growth expected in emerging markets like Bosnia-Herzegovina, Cameroon and China.-- From 2012 until 2017, a 386% growth is projected of m-commerce in Euromonitor's 46 researched markets.-- NFC (short for Near Field Communications) has been touted as the technology that will power future mobile payments as this built-in chip would be able to communicate all the purchase information wirelessly at POS terminals.-- Mobile will dictate new stores sales and drive digital couponing, seeing as smartphone shoppers might spend more. According to a 2013 report from Interactive Advertising Bureau, 42% of consumers using a mobile device in store spend more than $1,000 USD compared to 21% of those who did not use their device in the store.
About Euromonitor International
Euromonitor International is the world's leading provider for global business intelligence and strategic market analysis. We have 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
We deliver market research solutions to support strategic planning for today's increasingly international business environment. Our research offers in-depth market analysis on consumer goods and services industries worldwide, as well as economic, demographic and socio-economic data and insight on countries and consumers.
Euromonitor International is headquartered in London, with regional offices in Chicago, Singapore, Shanghai, Vilnius, Santiago, Dubai, Cape Town, Tokyo, Sydney and Bangalore, and has a network of over 800 analysts worldwide.
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