Consumers and merchants are beginning to embrace mobile commerce more willingly
Mobile payments in the U.S. are expected to reach new heights in the near future, according to BI Intelligence. Consumers throughout the country have become heavily reliant on their smartphones and tablets and are using these devices to shop online more frequently. As physical stores become more accommodating of mobile consumers, these people are also beginning to use their devices to pay for products from these stores, rather than use traditional forms of currency.
Mobile transaction volume to grow by a CAGR of 153% from 2013 to 2018
BI Intelligence estimates that mobile payment volume will grow at a compound annual growth rate of a staggering 153% from 2013 to 2018. By the end of 2018, total mobile sales are expected to reach $190 billion. The majority of this growth is not expected to be seen until 2016, however, when a favorable balance between consumer acceptance and merchant adoption is expected to be established. Currently, consumers are willing to spend money from their mobile devices, but few merchants have yet to embrace the concept of mobile commerce.
Consumers show favor for the convenience of mobile commerce
Mobile commerce has been gaining popularity among consumers for some time now. The concept is quite attractive because of its convenient nature, providing consumers a way to shop for and purchase products that they are interested in from a mobile device, no matter where they are in the world. Consumers can often choose where they would like to have the products they have purchase online delivered, or they can opt to pick up these products at a physical store.
Merchants may begin to find significant success in mobile commerce beginning in 2016
As consumers become more accepting of mobile commerce, so too are merchants. While many merchants have found it difficult to engage mobile consumers in an effective manner, those highlighting the convenience of mobile payments often find support among particular demographics. Merchants are expected to find more success in their mobile commerce endeavors beginning in 2016, when they begin embracing new, mobile-centric network technologies.