Mobile commerce is revolutionizing the future of business-consumer relationships, as a trio of technology specialists discussed at a Bloomberg and World Affairs Council-hosted panel in San Francisco last month. Brian O’Malley, partner at Accel Partners, Brian Gregg, a partner at McKinsey & Company, and Healey Cypher, head of retail innovation at eBay Inc., all had plenty to say about the mobile revolution and the $10 trillion commerce opportunity that exists for retailers.
“People may think of mCommerce as just eCommerce, but really, mCommerce is increasingly all of commerce,” said Cypher, who added that mobile represented more than just multi-screen usage.
The panel’s takeaway message was that the role of the store was changing, thanks to mobile. The vast of majority of consumers still prefer to shop in brick-and-mortar stores, and that method of consumer engagement isn’t going away anytime soon, the panel noted. Transactions are still largely going to happen in a store. However, the ability for a retailer to increasingly bring more online technology to the physical world is going to drastically improve consumer engagement.
Cypher wrapped up the panel by comparing the future of commerce to the American Gold Rush.
“There’s a point where you’re looking for gold, and then there’s a point where you’re selling shovels and axes and picks,” he said. “Those that are empowering the future of retail, as opposed to those that are trying to create it without anyone’s help, will probably have a bigger play in the future.
Watch part of the panel below: