Tag: iresearch

Mobile commerce fraud is on the rise in Asia

| September 10, 2015

Smartphone penetration leads to the rise of mobile commerce

In Asia, smartphone penetration is accelerating and these devices are becoming more popular for those that are interested in shopping online. By 2018, Asia is expected to account for half the world’s mobile users, with many people beginning to use their smartphones and tablets to play games, purchase products, and use social networks. As mobile adoption rises, however, fraud is becoming a greater problem in the mobile commerce space in Asia.

Japan, South Korea, and China have become very attractive mobile markets

Currently, Japan and South Korea are leading the way when it comes to mobile commerce adoption, with approximately 50% of both country’s populations engaging in mobile transactions. China has also become a very prominent mobile commerce market. In the first quarter of this year, mobile sales in China reached $58.4 billion, according to a recent report from iResearch. Companies are beginning to invest more heavily in the mobile space, and this is making the sector more attractive to malicious parties.

Mobile commerce fraud is becoming more common

Mobile Commerce FraudWhile mobile commerce represents only 14% of all transactions being made in Asia, it also accounts for 21% of all fraudulent transactions being made through mobile devices. As fraud continues to grow, mobile commerce merchants are beginning to feel extreme financial pressure. Merchants incur costs of $3.34 for every dollar that is being spend on a fraudulent mobile transaction. This is 27% higher than the costs merchants would incur from a fraudulent transaction being made on a traditional PC.

Mobile security is becoming a priority for businesses and consumers alike

Several merchants in Asia are beginning to get involved in the mobile commerce space, but they will have to find ways to better protect consumer information. Security risks have been a major concern for consumers, and these concerns have slowed the adoption of mobile commerce platforms to some degree. Several companies offering mobile payments services have found ways to improve security through the use of biometric technology, which leverages biologic information, such as fingerprints, in order to protect transactions and consumer information.

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.