Tag: us mobile commerce

US mobile commerce market to see strong growth in coming years

Report highlights the ascent of the online payment services industry

The U.S. online payment services industry is expected to see sustainable and aggressive growth over the coming years, according to a new report from BMO Capital Markets. Mobile commerce, in particular, is expected to see a significant increase throughout the country through 2018. More consumers are showing interest in shopping and paying for products with their smartphones and tablets. Most of these transactions are being done online, more consumers are wanting to use their devices to make purchases in physical stores.

Mobile commerce expected to see CAGR of 40% through 2018

The report predicts that online payments will reach $2.4 billion by 2018, growing from the $1.7 billion it is expected to reach this year. The report notes that mobile commerce represents 25% of all online transactions made in the United States. The mobile commerce space will experience a compound annual growth rate as high as 40% through 2018. The report suggests that the mobile space represents a much stronger growth opportunity than conventional commerce initiatives.

PayPal could benefit from the aggressive growth of mobile commerce

U.S. Mobile Commerce Future GrowthOne of the most influential platforms that is expected to expose consumers to mobile commerce is PayPal. The vast majority of PayPal’s business is online, with 165 million active users making payments of some kind through the platform. PayPal currently has the highest exposure among consumers that are interested in mobile payments when compared with other services, placing it in an ideal position to benefit from the continued growth of the mobile commerce space.

Retailers need to become mobile-centric in order to compete

As more consumers become interested in mobile commerce, they are becoming more likely to use services like PayPal on their smartphones and tablets. This is opening up new opportunities for retailers, especially those that intend to sell products in the mobile space. Retailers that do not become more mobile-centric are expected to lose out on new opportunities, which may harm their ability to compete with companies that have already established a significant presence in the mobile world.

Mobile commerce market continues to grow in the US

Mobile commerce has become a powerful force in the US

The mobile commerce market is growing quickly throughout the world. The advent of mobile technology has had a profound impact on the commerce sector, changing the way that people shop for and purchase products. Mobile commerce is still a relatively new concept, but consumers have shown a great deal of favor for being able to purchase products with their smartphones, both online and off. According to BI Intelligence, the mobile commerce market is expected to swell throughout the United States in the coming years.

In-store mobile payments expected to reach $37 billion this year

BI Intelligence predicts that in-store mobile payments will reach $37 billion this year. This is lower than the organization’s previous forecast, largely due to the late launch of new mobile payment services, such as Samsung Pay and CurrentC. Despite the downward revision of this forecast, more consumers are beginning to participate in mobile commerce, especially in physical stores. Retailers are making it possible for people to purchase products with their mobile devices while in stores, rather than forcing these people to purchase products online.

More consumers are participating in mobile commerce

Mobile Commerce Growth USAAn estimated 8% of mobile consumers in the U.S. made a mobile payment at least once in 2014. BI Intelligence predicts that this will swell to 65% of mobile consumers by 2019. Many people are beginning to feel comfortable with the concept of mobile payments, and this comfort is allowing them to be more active in this sector. With new mobile payment services launching, a growing number of consumers are likely to enter into the sector.

Apple is leading the mobile payments space

Apple is having the most dramatic impact on the mobile payments space. The company launched its Apple Pay service last year, which has become extremely popular among consumers and retailers alike. Other companies have plans to launch their own payment services later this year, but will have to fight to catch up with Apple, as it has established a strong lead in the sector.