Tag: mobile commerce news

Mobile commerce expected to surge in the US

| October 15, 2015

Report predicts significant growth in the US mobile commerce industry

Forrester Research has released a new report concerning the future of the mobile commerce industry in the United States. The report predicts that the sector will experience significant growth, as many consumers are beginning to use their mobile devices to shop online. In the coming years, retailers may find new opportunities to engage mobile consumers and find success, as this demographic is beginning to play a larger and more influential role in the retail industry overall.

More consumers will be shopping with their mobile devices in the coming years

According to the report, mobile commerce transactions are expected to surpass $115 billion this year, surging to $142 billion in 2016. Forrester Research predicts that there mobile devices will generate a 15% increase in e-commerce sales by 2020. Tablets, in particular, will account for 33% of e-commerce sales over the next few years. Consumers have shown that they favor tablet devices while shopping due to their larger screens, which allow for a more convenient shopping experience.

Converting mobile traffic into sales has proven to be difficult

Mobile Commerce ReportThe report shows that nearly one-third of the traffic that merchants are seeing come from mobile devices. The problem, however, is converting this traffic into actual sales. Approximately only 11% of this mobile traffic actually translates into sales. Many retailers have found it challenging to engage mobile consumers effectively. Consumers have reported problems with the mobile shopping experience overall, with slow download speeds and faulty mobile commerce systems being a significant barrier to completing a purchase.

Millennials could be the key to mobile commerce success

The United States has become a very prominent mobile commerce market, but if retailers cannot acclimate to the needs of consumers with smartphones and tablets, they may miss out on promising opportunities. Engaging Millennials may be the key to success, as these consumers have become a powerful force in the mobile commerce industry as a whole. The report from Forrester Research shows that 40% of those between the ages of 16 and 24, throughout the world, are using their mobile devices to shop online every month.

LoopPay hack will not affect Samsung’s mobile commerce customers

| October 13, 2015

Hack against LoopPay conducted by Chinese group

LoopPay has been targeted by hackers, which has caused concern among consumers using Samsung Pay. LoopPay was acquired by Samsung earlier this year, and this company’s technology is central to Samsung Pay. The hack was noted as being a sophisticated attack by a supposedly government-affiliated group in China. The actual attack occurred back in march of this year, but several events associated with the attack have been identified by LoopPay and Samsung since then.

Digital attacks continue to grow in frequency in the mobile commerce space

Digital attacks are becoming more common in the mobile commerce space, where a great deal of money is now flowing. Because many organizations involved in this space have very limited experience when it comes to mobile payments and the technology needed to secure them, they have become prime targets for malicious groups that seek to exploit the financial information of consumers. Over the years, large organizations have reported cyber attacks on their mobile payments systems, which has lead to the information of millions of consumers being compromised.

Samsung notes that the attack will not affect Samsung Pay users

Mobile Commerce - hackWhile the attack is considered significant, Samsung suggests that it is nothing more than an isolated incident. As such, the information associated with Samsung Pay itself, such as the financial details of consumers, has not been compromised. The company claims that those using Samsung Pay will not have to worry about their information being exploited, but consumers may want to take steps to ensure that their information is secure nonetheless.

Security continues to be a major issue for the mobile commerce space

Security, or lack thereof, has been a major problem that has plagued the mobile commerce space for years. Several companies have become involved in this sector, but they have not been able to keep up with the digital risks that exist therein. Without adequate security, consumers have begun to lose faith in mobile commerce as a whole, which has driven them to remain firmly within the realm of traditional commerce and e-commerce, where they are more comfortable.