MIC shows that mobile shopping is gaining ground among consumers
With the rise in smartphone ownership, mobile commerce is expected to become more prominent in Taiwan, despite the security concerns that many consumers and businesses still have. According to the Market Intelligence & Consulting Institute (MIC), many consumers in Taiwan are beginning to show favor for mobile shopping, which is accelerating the growth of the e-commerce space by a considerable margin. MIC notes that nearly 70% of online users in Taiwan have spent more on mobile shopping than through traditional e-commerce.
Security worries are not slowing the adoption of mobile commerce
While consumers are becoming more interested in mobile commerce, they are still concerned about the security of their financial information. Mobile shopping leverages this information to conduct transactions online in much the same way that e-commerce transactions are processed, but consumers see mobile platforms as less secure than others they may be more comfortable with. In the past, retailers engaging in mobile commerce have been targeted by malicious groups, which has lead to the financial information of many people being compromised. Despite this, however, mobile commerce continues to flourish, with Taiwan on its way to becoming a prominent market.
Consumers are happy with their mobile shopping experiences
A recent survey from MIC shows that the number of consumers that have participated in mobile shopping reached 62.5% at the end of 2014. Approximately 61.5% of these consumers noted that they had a positive experience with mobile shopping, and these people are more likely to use their mobile devices to shop for and purchase products in the future. Of the features that consumers like about mobile commerce, the ability to shop anywhere and at anytime, the convenient nature of mobile shopping, and the deals consumers can take advantage of are among the most attractive.
Taiwan’s mobile commerce market expected to continue thriving
Mobile commerce is expected to continue growing in Taiwan as more consumers gain access to mobile devices. Businesses are also beginning to take more interest in mobile commerce as they look for more effective ways to engage mobile consumers. Taiwan is emerging as one of the region’s most powerful mobile markets, and security concerns about mobile commerce are doing little to slow growth.
The partnership between the two companies will extend to other entities that are part of Future Group, the organization that owns Big Bazaar. Other retailers will be able to support MobiKwik payments in the coming years, allowing more consumers to rely on their smartphones to shop for and purchase products that they may be interested in.