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.
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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.