Report shows that business and consumer spending will hit $1.315 trillion this year
Business and consumer spending are on the rise in the United States, according to a new report from Forrester Research. The report cites and improving economic climate in the country as the reason for healthy growth in spending. Businesses and government agencies are also spending more money because of positive economic trends. The report predicts that total business and consumer spending will grow by 5.3% this year, reaching $1.315 trillion. Spending is expected to continue growing next year by 6%, as well.
Mobile payments are aiding in the growth of consumer spending
Mobile payments are lending power to this period of growth. Software spending, in particular, is expected to grow by 8.6%, reaching $284 billion. Mobile payment applications are a major factor when considering software spending. Numerous applications that allow consumers to spend money from their mobile devices have been released over the past year, and consumers have shown a great deal of interest in using these apps to shop online and in physical stores.
Mobile commerce continues to flourish in the United States
Mobile commerce has become a powerful force in the United States. While no single mobile commerce platform or service has yet found mainstream acceptance among the majority of consumers, numerous platforms have managed to thrive in an environment where mobile shopping and spending has become quite popular. Consumers appear to favor mobile commerce because of its convenient nature. Payment apps allow consumers to use their mobile devices to shop and pay for products no matter where they are in the world. In-store mobile payment support has also made it easier for consumers to purchase their products quickly, helping them avoid lines and lengthy checkout processes.
Telecommunications spending in on the rise
The report from Forrester Research also shows that the telecommunications sector will generate $354 billion in revenue by the end of the year. This is a 1.7% increase over the revenue that the sector produced last year. Growth in telecommunications spending in 2015 is expected to accelerate, especially as more people purchase smartphones and tablets and companies work to improve their mobile infrastructure.
Study sheds light on the factors that influence participation in mobile commerce
Market research firms iModerate and uSamp have released a new study concerning consumer motivations and preferences when it comes to mobile commerce. With mobile commerce beginning to become a very prominent part of society, it is becoming more important for businesses to understand why consumers choose to participate in mobile payments. The study aims to shed light on the various factors that influence whether a consumer with make a mobile purchase or not.
Many consumers want a better experience and more security
According to the study, customer experience and security are two of the most prominent issues that consumers are concerned with when it comes to mobile commerce. Because mobile commerce involves shopping from a mobile device, consumers are often confronted with websites and commerce platforms that are not optimized for mobile use. This leaves consumers with a poor experience and makes them unlikely to participate in mobile commerce in the future. Because mobile commerce deals so much with financial information, consumers also want to ensure that the platforms they use are secure and can protect their information from exploitation.
Consumers spend more through mobile commerce
The study also shows that consumers that participate in mobile commerce are more likely to spend money than those that do not. On average, these consumers spend $500 more than those that do not make mobile payments. The study shows that the majority of the money spent by those with smartphones has to do with entertainment. Tablet users tend to spend more money on books and similar media.
Consumers want to spend money more easily
Consumers are becoming more vocal about the improvements they want to see introduced to mobile commerce. The study shows that many consumers want to see better and less confusing features introduced into mobile commerce platforms. If platforms found a way to provide consumers with a better experience, users are expected to spend significantly more money through these platforms than they have in the past. Overall, the study shows that consumers want to be able to spend money more easily.
