NEW YORK, May 28, 2015 /PRNewswire/ --
PowaTag's innovative delivery is "setting it apart from the competition" according to new research from the world's most influential research and advisory firm, Gartner. The technology is the only mobile payment solution in the world to be featured in the Cool Vendors in Digital Commerce, 2015 report.
The news comes as the use of mobile payment technology continues to soar in the United States. Mobile-based payments are expected to reach $142 billion in volume by 2019 from about $50 billion currently, according to research firm Forrester.
The research predicts that remote mobile payments, purchases made via apps and mobile websites, will reach $91 billion in volume in the United States by 2019.
The Gartner report highlights Powa Technologies' PowaTag as one of the most interesting, new and innovative solutions in the market because it connects the virtual and physical commerce worlds, empowering eCommerce to happen anywhere, from billboards and magazines to broadcast commercials.
Gartner picked five companies from across the globe as "Cool Vendors" and its researchers said that: "IT leaders supporting digital commerce should consider the technologies represented by these vendors."
The endorsement of PowaTag technology and recognition of its market-leading potential comes following the mobile payment solution experiencing extraordinary worldwide momentum, with over 1,200 global brands signing on as partners.
This reflects the continuing the surge of the use of cell phones globally. Almost half of the world's population own a mobile phone and mobile subscriptions are growing four times faster than the global population and the four-billion mark is set to be passed in 2018.
However, between 66 per cent and 97 per cent of shopping carts are abandoned on mobile devices in the US. Approximately $4 trillion worth of merchandise will be abandoned in online shopping carts this year, and about 63% of that is potentially recoverable by savvy online retailers, according to research from BI Intelligence.
The BI Intelligence report adds that online-only retailers are at a disadvantage to omni-channel retailers because they have fewer channels through which to recover lost sales. Therefore, failing to implement such an omni-channel approach into retail sales strategies, which the innovative PowaTag platform offers, will see companies struggle to grow in the future and they will continue to lose money.
Dan Wagner, eCommerce veteran, Founder and CEO of Powa Technologies, said: "With US companies losing so much money when online shopping carts are abandoned, it is essential that they change and adapt their approach if they wish to thrive.
"The Gartner report signposts a major tidal wave on its way in the retail sector, with 70 per cent of all eCommerce models focusing on the individual customer experience by 2018.
"Moreover, the report issues a stern warning to business leaders that failing to invest in personalised technology will see them being outsold by their competitors by 30 per cent within three years, a startling figure which could mean make-or-break for many companies.
"Addressing this monumental challenge facing retailers was the vision behind PowaTag, which aims to improve and personalise the customer experience, empowering retailers to adapt to the fast-changing consumer landscape.
"PowaTag has the potential to become the standard system by which consumers engage with their favourite brands. This is being borne out by the rapidly expanding global footprint of the technology across three continents - Asia, Europe and America. To have been recognised as a world-class innovator in digital commerce with market-leading potential by Gartner's most influential experts is a fantastic endorsement for our vision."
The Powa Technologies Group, which has been valued at £1.6bn, includes the PowaPOS and PowaWeb platforms in its suite of products in addition to Powa Tag, all of which have been highlighted in the prestigious report. PowaTag's world-beating platform makes use of a combination of technologies, including Bluetooth beacons, digital audio watermarks, QR codes and embedded social media links. It allows consumers to store their payment and delivery details within the platform, enabling them to scan and buy in seconds.
The report commends the PowaTag solution for its exceptional capabilities which allow organisations to capture customers' attention and simplify the transactional process at various points in both physical and online retail.
Dan concludes: "The Gartner findings highlight that the PowaTag technology will be of most value to retailers, brands and manufacturers that benefit from sales in physical stores and those that market products in physical locations.
"Our technology has captured global attention because of its ability to enable instant purchasing, and global blue-chip brands, banks, sports stadia and charities have realised that embracing PowaTag enables them to grab consumers' attention with a unique omni-channel approach."
About Powa Technologies
Powa Technologies is an international commerce specialist that creates technologies that enable a seamless consumer experience across all purchase channels: online, offline and everywhere. With its next-generation solutions PowaTag, PowaPOS and PowaWeb.
PowaTag In Action - https://www.youtube.com/watch?v=or0L7UnaP6g
SOURCE Powa Technologies