Tag: south korea mobile commerce

South Korean mobile commerce is growing quickly

| March 6, 2015

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.

Groupon continues expansion into mobile commerce sector

| November 14, 2013

Mobile commerce has become a major interest for Groupon

Daily deals provider Groupon has been showing a strong interest in mobile commerce recently. The company specializes in providing consumers with special offers that come from retailers, restaurants, and other such businesses. The deals and coupons are meant to entice consumers, but Groupon had primarily been focused on those using stationary computers in the past. As mobile commerce becomes a more prominent part of society, the company is beginning to put more focus on the mobile sector.

Groupon acquires Ticket Monster

Groupon has been making an effort to establish a strong presence in the competitive mobile commerce field in recent months. The company has now made a bold move on this front with its acquisition of South Korea’s Ticket Monster, which is a daily deals provider similar to Groupon. Ticket Monster represents more than $800 million in annualized billings, much of which comes from mobile commerce. South Korea has become a hub of activity as far as mobile commerce is concerned, largely due to the high smartphone penetration seen throughout the country. The experience that Ticket Monster has gleaned in the market may help Groupon develop a stronger foothold in the mobile sector.

Consumers are becoming more mobile

Mobile Commerce - Groupon ExpandingE-commerce remains a strong interest with many consumers, but more people are opting to shop via their mobile devices rather than stationary computers. Smartphones and tablets allow for a more convenient shopping experience, especially for those that travel frequently. Even those that do not travel are beginning to use their mobile devices to shop rather than visit physical stores. It is for this reason that retailers are beginning to take mobile commerce more seriously, with some going so far as to develop their own mobile payments platforms.

Competition in high in the mobile commerce space

Groupon may confront difficulty with its plans to expand into the mobile sector. Mobile commerce is awash with a wide variety of start-ups that are seeking to gain the attention of consumers. Several large technology, telecommunications, and financial service firms have also entered into the mobile commerce arena, increasing the competition that exists within this sector significantly.