Around 60% of clothes shopping either takes place via or is influenced by the internet, according to a new study by Google and Compete, which marks a growing blur between online and offline commerce.
The shift includes shopping on mobile devices including tablets and smartphones. One in five (24%) clothes consumers are using mobile devices on a daily basis to look up products. Video was the most successful means of enticing shopping, with four in ten shoppers visiting a store after watching a product video.
“We’re seeing massive changes in the use of digital, mobile devices and video in driving apparel sales,” said Todd Pollak, Google’s industry director for retail.
There are increasing calls for the use of open banking APIs from industry groups and even the UK Treasury. It is clear that this market shift is inevitable, but while this openness will facilitate innovation and drive competition, there is uncertainty.
The European Banking Authority (EBA) has published the long-awaited draft of the Regulatory Technical Standards (RTS) covering Secure Customer Authentication (SCA) and secure communication. Tom Hay, head of payments at Icon Solutions shares his thoughts on whether they will be effective.
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.