Tag: india mobile shopping

Indian mobile wallet market will be 190 percent bigger by 2022

The country’s effort to go cashless has led to an unprecedented growth in smartphone digital payments.

A new study predicted that the Indian mobile wallet market will experience a growth rate of more than 190 percent by fiscal year 2022. The forecast was made as a result of research conducted by Assocham, a trade organization, and RNCOS, a business consulting firm.

The prediction was that mobile payment transactions are likely to reach a CAGR of over 160 percent per year.

That rate will continue to increase from the current fiscal year through to 2022. At that time, the mobile wallet market will be worth 250 billion, said the prediction. That is a substantial increase over the current size of the market which is estimated to be just over half a billion.

The report on the forecast suggested that there are several reasons that the use of mobile payments in India is growing exceptionally quickly. To start, e-commerce as a whole is on the rise. This is a trend occuring worldwide. Moreover, mobile internet penetration is also growing rapidly, meaning that more consumers have access to these options than ever before.

That said, the mobile wallet market is rising faster in India than in most other areas of the world.

Mobile Wallet Market With rising smartphone penetration, the Indian environment is also aligning well for mobile wallet use in a way that is not being experienced in other areas of the globe. For one thing, there is an increase in disposable incomes. More people have money to spend on areas outside of vital essentials.

With all these factors combined with the country’s efforts to reduce the use of cash, people are turning to their phones to pay for products and services. This is, after all, a country that is greatly unbanked and in which it is not necessarily commonplace to have credit cards. Therefore, when cash is not an option, people are turning to the option they already have in their hands: mobile phones.

This has created a nearly ideal opportunity for mobile wallet market growth and it appears as though this will continue for at least another five years.

Indian retailers may be more prepared for mobile commerce

Survey shows that mobile sites and apps are priorities for retailers

Indian retailers may be ahead of other companies when it comes to preparing for the rise of mobile commerce. StoreHippo, a platform that provides retailers with mobile e-commerce websites, has released the results of its latest survey concerning the retail sector and its engagement of the mobile space. The survey found that many retailers believe that mobile sites and applications are extremely important for all businesses. In other countries, retailers are lagging behind in mobile engagement.

Retailers are more likely to succeed if they have mobile websites and applications

The survey shows that 78% of respondents felt that retailers that have mobile websites and mobile apps are more likely to succeed in the changing market. A growing number of consumers are beginning to use their mobile devices to shop for and purchase products, both online and in physical stores. Retailers are beginning to feel pressure to engage the growing mobile audience and this involves the development of a mobile website and, in some cases, mobile applications that support mobile commerce.

2015 may be the year when mobile commerce experiences explosive growth

Mobile Commerce - Shopping Mall in IndiaStoreHippo CEO Rajiv Kumar believes that 2015 will be the year in which mobile commerce comes into its own. Increasing Internet and smartphone penetration is having a major impact on the way consumers shop. Retailers that adapt to changing market trends are more likely to find success among mobile consumers. Those that refuse to become mobile friendly may find it more difficult to compete with other retailers and could face obsolescence in the coming years.

India continues to be a prominent mobile commerce market

India is considered one of the fastest growing mobile markets in the world. More consumers are becoming interested in mobile commerce, which is pressuring retailers to become more mobile-centric in order to connect with a new generation of consumers. India is likely to continue growing as a prominent power in the mobile commerce sector as more companies and consumers become involved in this space.