Data highlights growth of mobile commerce in the US
Mobile commerce has become a major interest for many companies around the world. Consumers are becoming more comfortable with the idea of paying for goods and services with nothing more than a mobile device, which has lead companies to become more inclusive when it comes to the matter of mobile commerce. In order to understand why companies are showing so much interest in mobile payments, one must understand how many people, in the U.S. alone, own and use mobile devices regularly.
Studies show growth in tablet ownership
The Pew Research Center has teamed with the U.S. Census Bureau to release a number of studies concerning smartphone and tablet ownership as well as how these devices are used by consumers. These studies are part of the Pew Research Center’s Internet & American Life Project. According to the data contained in these studies, 34% of U.S. adults own a tablet device. This figure rose by 18% in May of 2012 as tablets began growing more popular in the mobile commerce field.
Tablets appeal to those interest in mobile commerce
Tablets are often considered more useful in mobile commerce than smartphones. This is due to the fact that tablets allow for a more comprehensive online shopping experience. Smartphones feature small screens than tablet devices, making it difficult to navigate some e-commerce sites. Tablets allow for more control in the mobile shopping experience, and an enjoyable experience is often enough to ensure than consumers continue participating in mobile commerce.
Mobile commerce expected to continue growing
The studies show that smartphone owners still outnumber those with tablets, but consumers favoring either device still show strong interest in mobile commerce. Both devices are heavily used for purposes such as social networking and entertainment, with mobile commerce showing strong growth over the past two years. Mobile commerce is expected to continue gaining momentum as consumers continue to grow more comfortable with making payments on their mobile devices.
UK consumers may be flocking to mobile commerce and abandoning cash
The British Retail Consortium has been keeping track of a surprising trend that has emerged in the United Kingdom. The organization has reported that cash usage among consumers saw a sharp drop in 2012. This trend has been growing more pronounced as consumers grow more reliant on mobile technology. Smartphones and tablets are allowing consumers to engage in mobile commerce, which has lead them to move away from traditional forms of commerce for the sake of convenience.
Consumers are turning to cards and mobile devices to purchase products
The British Retail Consortium has released the results of a new survey that shows the decline of cash usage among consumers. According to the survey, cash usage fell by nearly 10% throughout the United Kingdom in 2012. Many consumers appear to be using their debit and credit cards more often, with others favoring mobile commerce platforms. Notably, physical forms of currency are losing grounds with young, tech-savvy consumers that have a great deal of experience with mobile technology.
Retail sector sees growth in mobile commerce activity
While consumers appear to be moving toward mobile commerce, payments made from smartphones and tablets still represent a small volume of the spending that occurs in many sectors. The retail sector has seen the most activity when it comes to mobile commerce, but spending from mobile devices is still offset by the use of cash and other forms of commerce. Consumers that are not interested in mobile spending are showing interest in another aspect of mobile commerce, however, as they begin to embrace the usefulness of banking applications.
Mobile payments unlikely to completely replace cash for the foreseeable future
Mobile commerce is expected to continue growing throughout the United Kingdom, especially as more businesses begin offering comprehensive mobile services. Mobile commerce may eventually replace the use of cash, but this is not expected to happen for several years. For now, consumers will continue to rely on cash and their debit and credit cards until the challenges that mobile commerce faces have been overcome.
