Tag: china

Mobile commerce skyrockets in China

| March 20, 2015

Mobile shopping has been growing quickly in China over the past year

Mobile shopping in China saw tremendous growth in 2014, according to a study from iResearch. The firm’s study highlights the growth of mobile commerce throughout the country, noting that many consumers have begun to shop online and in physical stores with their mobile devices. This trend is not unique to China, of course, as mobile commerce has been seeing healthy growth throughout Asia. The region is considered one of the fastest growing mobile commerce markets in the world.

Mobile spending triples in China throughout 2014, reaching new heights and encouraging retailers

According to the study from iResearch, mobile spending tripled in 2014 over what it had been in 2013. More people opted to shop with their mobile devices and they were more likely to spend larger sums of money while doing so. Mobile commerce saw 239% growth over the past year, while conventional e-commerce experienced on 49% growth. Mobile commerce accounted for 33% of all online sales made in China in 2014, a significant increase from the 14% that was recorded in 2013.

Demand for mobile commerce services is on the rise among interested consumers

Mobile Commerce on the rise in ChinaChina’s mobile commerce scene is dominated by a few large companies, such as Alibaba, but there are many services that are available to mobile consumers. These services make it possible to shop for and purchase products in physical stores with a mobile device. Smartphone penetration is on the rise throughout the country, which is leading to a greater demand for mobile payment services. This demand is expected to continue growing as more consumers become comfortable with mobile commerce.

Expansion of mobile commerce will continue, powered by retailer adoption and the demands coming from consumers

Mobile commerce is likely to continue expanding throughout China, powered by the initiatives that many retailers and Chinese banks are taking to engage mobile consumers. Conventional e-commerce still dominates the retail space, but mobile is beginning to play a more important role therein. Retailers are beginning to understand that if they do not engage mobile consumers, they may be missing out on promising opportunities.

Security of mobile payments may no longer be a concern

| March 12, 2015

Consumer sentiment regarding security of mobile payments has changed

The security of mobile payments may no longer be a serious concern for consumers, according to a recent study from MasterCard. The company released its third annual Mobile Payments Study, which is conducted in partnership with Prime Research, and found a significant shift in consumer sentiment concerning mobile payments. For years, consumers have been somewhat concerned about the security of payment platforms, but now they appear to be more interested in enhanced digital experiences on their mobile devices.

Consumers want to see better digital platforms that are more convenient and enjoyable

The study shows that in the Asia Pacific region, which is one of the fastest growing mobile payments markets, conversations regarding mobile transactions primarily took place in India, Japan, Australia, China, and Indonesia. Consumers took to social media sites to talk about the need for better digital experience, especially in the mobile shopping space. Notably, merchants are also finding more visibility by joining in on these conversations, which are providing them with insight into what consumers want to see from the mobile commerce space.

91% of conversations about security have been positive

Mobile Payments Security less of a concern among consumersAccording to the study, 91% of the conversations regarding the safety and security of mobile payments were favorable. This is a vast improvement over 2012, when 57% of the conversations about mobile commerce security were negative. Confusion regarding the security capabilities of mobile payments services has also diminished. People are now praising secure platforms and are using these platforms more regularly in order to shop online and in physical stores.

Consumers demand better digital experiences in order to enjoy mobile commerce more

Though security may no longer be a serious issue for consumers, they still want to see better digital platforms. Some retailers are lagging behind in terms of providing an enjoyable shopping experience for mobile consumers. As mobile payments begin playing a larger role in the retail space, this could become a problematic issue for merchants. Improving the digital experience could provide retailers with promising business opportunities.