A Whole New Universe of Buying: Universal Commerce – Part II of III

Imagine a world in the future where you’re waiting for mass transit on your way to work. In front of you is a large supermarket billboard, the products on its virtual shelves have bar codes and prices under each product image. You fill your virtual shopping cart by photographing the bar codes with a mobile app on your smart phone or tablet and after you’re finished “shopping,” you simply hit pay.  The selections you chose are charged to a card account on your phone, the items are ordered and scheduled for delivery and, when the train show up, it’s off to work you go – knowing that when you arrive home from work tonight your groceries will be at your door.

This is our second part of the three part series on Universal Commerce.  In our Part I we discussed what Universal Commerce is and why it’s quickly becoming a necessity for small businesses and retailers.  In this segment, we will discuss the virtual wallet, and apps like Google wallet, which are an essential part of the Universal Commerce system.

The great NFL coach George Allen always said “The Future Is Now” and it is now, if you live in South Korea.

Tesco, the 2nd largest grocery chain in South Korea, realized the only way to beat the number one grocer E-Mart was through technology. Building more stores to increase your market share is over. It costs too much and takes too much time.

Tesco is now a close second in overall grocery sales, increased their overall market share and is South Korea’s number one online grocery retailer. This is just part of the whole new universe of Universal Commerce.

Our society has moved from cash to credit cards to Universal Commerce. You no longer carry your money in a wallet, but you use your smart phone as your virtual wallet. Google became the first global company to create a virtual wallet app with their “Google Wallet.”

As an open application, Google Wallet is able to support a variety of payment methods, including Citi Mastercard and debit accounts. Google is currently making deals with Visa, Mastercard and others to join their Universal Commerce network, but this is just the start of the revolution. Verizon, AT&T, T-Mobile & Visa, understanding that the virtual wallet will be a necessity as this trend moves forward, have joined forces to create their own virtual wallet network called “Isis.

The Universal Commerce revolution is leaving financial institutions and bank-branded credit cards out in the cold. If your credit info is accessible via Cloud Computing to your smart phone’s virtual wallet app, who needs real credit cards?

A recent survey done by Forrester Consulting for First Data found most consumers would rather have their virtual wallets issued by their own bank versus any other entity:

  • Over 70% trusted their own bank.
  • Over 50% trusted their credit card company.
  • Close to 40% trusted their mobile phone company.

The world of Universal Commerce will not be a world where one company will be able to dominate. The Universal Commerce network will cost too much money for one company to build, yet it can’t afford to exclude anyone. Universal Commerce will have to be open to work on a variety of platforms, but still must remain secure, as every cyber crook in the universe will try to find a way to break in.  This will be the challenge for those joining the Revolution, but one I’m sure they will successfully overcome.

For more information on Universal Commerce, download a free copy of First Data’s excellent report “Universal Commerce:  A Seamless, Personalized Purchase Experience For Today’s Connected Consumer.”

Stay tuned for Part III of our series where we will cover what Small Businesses and Retailers will need to do to get on the Universal Commerce wave so they can ride it to greater sales and success.

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Jordan Brown is a veteran Writer/Journalist/Actor based in Harlem NYC. The DC native has also called Los Angeles, Chicago, Memphis, Pittsburgh, PA, Oslo & Bergen Norway "Home." Mr. Brown spent many years as Senior Producer at ABC, worked as War Wire Editor at Fox News Channel & Business Radio Producer at Black Enterprise. Since 2005, he has been Publisher-Editor of "The FREE Jordan Brown JOBS Report" http://www.thejbreport.blogspot.com. His personal mission is to help fellow creative media people find employment in these trouble times!

2 thoughts on “A Whole New Universe of Buying: Universal Commerce – Part II of III

  1. ruthhackman

    I would like to tell you thank you for this information. There are not a lot of places to find this in-depth report on the future of commerce. Most are closed mouth for fear someone might find out more than they know. Can’t wait for your next report!
    Thanks
    Ruth Hackman
    Aerial Stunt Kites®

    Reply

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