Mobile commerce is growing rapidly and that growth does not appear to be slowing down any time soon. The current state of mobile commerce suggests a bright future, largely due to the proliferation of mobile technology and the perceived convenience of mobile payments. Indeed, mobile devices are beginning to become more popular than PCs. According to a study conducted by the International Telecommunications Union, as of August 2012, more than 7 billion mobile devices were operating all over the world, exceeding the number of active PCs by three times.
Mobile sales to reach new heights in near future
A recent study from Abi Research suggests that mobile commerce will reach $119 billion by 2015. This is roughly 8% of the current e-commerce market. E-commerce is still considered to be a powerful force, especially in the retail industry, but mobile commerce is benefiting from increased exposure and a growing number of retailers interested in engaging mobile consumers in a new form of commerce. Another study by Forrester Research suggests that mobile commerce in the U.S., in particular, will reach $31 billion by 2016.
US mobile commerce experiences aggressive growth
In the U.S., mobile commerce is experiencing a magnanimous rise to fame. More consumers are beginning to become comfortable with the concept of mobile payments, making them more likely to purchase goods and services using their smartphones or tablets. Mobile traffic to websites is on the rise, powered by growing interests in the realm of mobile marketing. Location-based services are also playing a role in encouraging consumers to participate in mobile commerce as they are able to find stores and attractions more easily, especially while traveling.
Security may derail bright future
While the current state of mobile commerce does paint a bright future, the future is, of course, unknowable. There are many challenges that face mobile commerce that could derail the burgeoning industry’s future. The most significant of these challenges, currently, is security. Without adequate security, a consumer’s financial information is at risk of theft and exploitation. The security dangers inherent in mobile commerce have kept many consumers from conducting mobile payments.
About Stephen: Stephen Vagus is an aggressive and ambitious writer with several years of experience in the field of journalism. Born and raised in California, Stephen has followed his journalistic passion around the world, reporting on breaking events in countries like Japan and Qatar. Stephen has an acute interest in the mobile commerce sector, as well as in marketing and mobile technology.