Mobile phones are our virtual wallet

Mobile technologies are changing the way retail works and retailers have to adapt to these changes – says Balázs Szánthó, concept manager with Media Markt. The consumer electronics retailer is already preparing for the time when people will be using their mobile phones as a virtual wallet. Mr Szánthó is of the opinion that the cloud technology will soon be very important in companies’ lives. He reckons that retail could work without IT but it would be much less efficient. In his view no serious retailer can afford not operating an online shop – it would create a significant disadvantage in market competition. The volume of online sales is on the rise: it is best to buy a watermelon at the greengrocer’s but for buying a USB flash drive people don’t need to leave their home any more.