Survey shows that mobile commerce is expanding throughout the Asia Pacific region
Visa has released the latest edition of its E-Commerce Monitor Survey, which has found that mobile commerce is a rapidly growing segment in the Asia Pacific region. Many consumers are beginning to do their shopping online, as this is more convenient for them. A growing number of these people are beginning to access online stores with their smartphones and tablets. Visa’s survey was conducted by ORC International Singapore, collecting information from 11,760 consumers across 13 countries.
China and Japan lead the way in mobile commerce growth
Notably, mobile commerce has grown quite aggressively in China and Japan, where using mobile devices is rampantly popular. The survey found that there has been a 22% increase in the number of people shopping with their mobile devices throughout the Asia Pacific region. China has seen the greatest growth in this regard, with a 36% increase in mobile shopping among consumers. The rising popularity of mobile commerce in the region is providing retailers will new opportunities to connect with an evolving demographic of consumers.
More consumers are relying solely on their devices to purchase products online
Connor Lynch, Regional Director for E-commerce with Visa, suggests that mobile shopping is becoming the standard among consumers and retailers in Asia. Many consumers believe that using their mobile devices to shop online is simply more convenient. This is especially true among those with long commutes, as they can get their shopping done while traveling. Notably, 69% of consumers are using mobile payments services to pay their bills, while others are using these services to pay for movie tickets and other entertainment.
Consumers in Singapore are the most likely to purchase products using their mobile devices
The survey shows that consumers in Singapore, Australia, Hong Kong, and New Zealand are significantly more likely to make purchases using their mobile devices. Retailers in these countries are seeing significant opportunities to connect with new customers. If they can provide an enjoyable shopping experience to these consumers, they may be able to find a high degree of success in mobile commerce.
Cyber attacks growing more common in Australia and other countries
Cyber attacks are becoming more frequent in Australia as mobile usage continues to grow throughout the country. With mobile devices becoming more common, so too is mobile commerce. According to a new report from ThreatMetrix, mobile devices now account for 31% of all transactions made in the country. This has made Australia a very attractive target for malicious groups that would like to take advantage of consumers and businesses that are involved in mobile commerce.
Mobile commerce has become an attractive target for malicious groups
The report from ThreatMetrix shows that Australia is in the top 10 countries around the world when it comes to cyber attacks and serious security threats. Targeted attacks are becoming much more prevalent in the country, as consumers are finding themselves increasingly exposed to cyber attacks when they participate in mobile commerce. The report notes that digital identities are now a form of global currency, as a person’s identity has a significant amount of financial data associated with it.
Growing number of transactions are proven to be fraudulent
ThreatMetrix has monitored many mobile payments made in Australia and other countries. Approximately 20% of the transactions that the organization monitored were payment related, with 3.1% of these mobile payments being flagged as representing malicious attack traffic. The company’s report shows that an estimated 3.1% of account creation on mobile commerce platforms was fraudulent as well. The growing use of mobile applications is being linked to the rise in security threats and cyber attacks in the mobile commerce space as well as others.
Security issues are a concern for consumers, but mobile commerce continues to grow in Australia and elsewhere
Security concerns have plagued the mobile commerce space for some time. These concerns have prevented many consumers from using their mobile devices to purchase products either online or in physical stores. Despite the security concerns, however, mobile commerce continues to grow and companies involved in this space have been investing in improved security and the use of new technology that can protect consumer financial information.
