Tag: Boston Consulting Group

South Korean mobile commerce is growing quickly

Mobile commerce is experiencing strong growth throughout South Korea

Mobile commerce in South Korea is expected to experienced rapid growth in the coming years. The Boston Consulting Group was commissioned by Google Korea to examine the country’s mobile commerce sector. The report produced by this examination shows that South Korea is becoming a prominent market for mobile payments, with more consumers opting to shop for and purchase products online and in physical stores with their smartphones and tablets.

Report predicts that the mobile economy will account for 10% of South Korea’s GDP by 2017

The report shows that South Korea’s mobile Internet economy reached $28 billion in terms of revenue in 2013. This accounts for 2% of the country’s gross domestic product. By 2017, mobile commerce is expected to account for 10% of the country’s gross domestic product, reaching the $40 billion revenue point. There are many factors contributing to this growth, but the mobile application and content industry is expected to help power growth in the mobile commerce space.

Mobile marketing is also on the rise, as more consumers rely on their smartphones and tablets

Mobile Commerce - South KoreaAs mobile commerce continues to grow, many companies are expected to place more focus on mobile marketing. More consumers are beginning to rely on their mobile devices for more than just communication. These consumers are constantly browsing social media sites and consuming content through their devices. This makes them attractive targets for advertisers that want to engage a mobile audience. Mobile marketing can help power the growth of mobile commerce by exposing consumers to products that they may be interested in purchasing online.

Consumers would give up basic luxuries in order to keep their mobile devices and access to the Internet

According to the report from the Boston Consulting Group, some 75% of South Koreans would give up newspapers, chocolates, and fast food in order to continue accessing the mobile Internet. Many people would give up what they consider basic luxuries just to keep their mobile devices. This may be good for mobile commerce, which will continue to grow as consumers become more involved in their mobile devices.

Mobile technology is driving growth for businesses

Study highlights the role that mobile technology is playing with small and medium enterprises

The Boston Consulting Group and Qualcomm have released a new study that suggests that mobile technology has become a growth factor for small and medium businesses. Consumers have begun to rely heavily on their mobile devices, using smartphones and tablets in their daily lives and for much more than communication. The advent of mobile commerce has allowed businesses to connect with consumers in a more dynamic way, and the growing adoption of mobile technology could help these businesses find greater success in the future.

Businesses embracing mobile technology are creating more jobs and finding revenue growth

According to the study, the top 25% of small and medium enterprises reported seeing two times the revenue growth and as much as eight times the number of jobs created through their adoption of mobile technology. These enterprises tend to be leaders in their industries in terms of mobile technology adoption, giving them an edge over their larger counterparts. The study notes that consumers are willing to give up other things just so they can continue to use their mobile devices.

New technology has helped generate 11 million jobs throughout the world

Mobile Technology - Driving business growthWith mobile technology becoming a powerful force among businesses, companies are beginning to take steps to use new technology in order to engage consumers and perform better in their chosen industries. Notably, mobile technology is a growth engine for global employment. According to the study, the mobile sector has created some 11 million jobs throughout the world. Investments in mobile technology have also begun to increase, with the study showing that these investments have doubled.

Mobile apps and content generate billions in revenue in 2014

Mobile applications are particularly lucrative. The study shows that mobile content and applications, combined, generated some $530 billion in revenue in 2014. The retail sale of mobile devices generated $520 billion during last year. Altogether, mobile technologies, and the content associated with them, are estimated to have generated more than $3 trillion in revenue in 2014.