Tag: mobile commerce asia

Mobile commerce becomes a major focus of Asian retailers

Mobile commerce is gaining steam in the Asian Pacific market. The proliferation of smart phones, tablets, and wireless Internet is allowing consumers to move away from their PCs and traditional stores to participate in a new trend that has been emerging in industries all over the world. Euromonitor International, a leading market research and analysis firm, suggests that the growing adoption of mobile technology in the Asia-Pacific region is spurring retailers to delve more seriously into the field of mobile commerce.

Retailers adopting mobile commerce more quickly than those in the West

Retailers in the Asia-Pacific market have been provoked to aggressive action on the matter and have been adopting mobile commerce much more rapidly than those in other markets. Many of these retailers have begun developing mobile applications that allow consumers to shop more effectively from their smart phones and tablets. Euromonitor International expects that the aggressive adoption of mobile commerce among Asian retailers will only continue to pick up momentum in the coming months.

PayPal Singapore anticipates major growth in coming years

This analysis corresponds with that coming from PayPal Asia-Pacific, which suggests that consumers are becoming more apt to use their mobile devices to pay for products. Moreover, these consumers are more likely to spend large sums of money than those that do not participate in mobile commerce. According to PayPal, mobile payments in Singapore came in at $34 million in 2010 and more than $259 million in 2011. PayPal anticipates mobile commerce in Singapore alone will reach $2.4 billion by the end of 2015.

Groupon model proves popular with retailers

Mobile commerce has opened new possibilities for consumers throughout Asia. One of the business models that has become very popular with retailers embracing mobile commerce is allowing consumers to purchase products online and claim their purchase in person or have it otherwise mailed to them. This model was pioneered by Groupon Singapore, which is now being adopted by numerous retailers throughout the market due to its convenience.

China sees promising growth in mobile commerce

Mobile commerce is on the rise in China, according to a new report from Infiniti Research, a market research firm. More consumers are showing interest in mobile commerce as smart phones and tablets become more commonplace. These consumers are finding that paying for products, shopping, and even banking are more convenient using their mobile device than other methods. As such, mobile commerce has begun experiencing a swell of support from these consumers, sparking investment activity from the companies that aim to see financial gain from the growing phenomenon.

Report highlights the contributing factors to market growth

The report from Infiniti Research suggests that China’s mobile commerce sector will experience a compound annual growth rate of 41% from 2011 to 2015. The accelerating adoption of mobile devices is cited as one of the most significant factors to market growth. Growing demand for digital goods, such as catalogs, e-books, music, etc., is also contributing to the growing momentum behind mobile commerce. There is, however, a major concern that may derail some of the growth that mobile commerce is experiencing currently.

Consumers still concerned for their security

The report shows that consumers are becoming increasingly concerned for the security of their financial information. As more people participate in mobile commerce, it is becoming apparent that this sector could be an ideal target for hackers and other malicious parties that want to exploit the financial information of consumers. Many of the concerns regarding mobile commerce revolve around the use of NFC technology. This technology has, in the past, been targeted by hackers as an easy way to attain access to a consumer’s financial information.

Mobile commerce expanding throughout Asia

Despite issues regarding security, mobile commerce is expected to continue growing in popularity amongst Chinese consumers. The concept has also been receiving growing support throughout the rest of the Asian market, where mobile devices are becoming more common. Asia is quickly establishing itself as the mobile commerce hub of the world.