Report shows that younger consumers are influencing the mobile commerce space
A new report from Global Web Index shows that young consumers are powering the growth of mobile commerce. Younger demographics are more likely to participate in mobile shopping because they are more comfortable with smartphones, tablets, and other devices. They appear to be less concerned with security issues because they are more acclimated to the risks that exist in the digital world. These consumers are leading the way when it comes to shopping online from a mobile device.
More people are opting to shop with their mobile devices than ever before
According to the report from Global Web Index, 40% of consumers between the ages of 16 and 24 are using their mobile devices to shop online every month. By comparison, 36% of all adults worldwide are doing the same. Approximately 26% of all Internet users are using mobile shopping applications to shop online, with 70% of these consumers successfully making a purchase using such apps. The most influencial demographic in the mobile commerce space is currently Millenials, who have taken a strong interest in mobile technology in general.
Asia Pacific region is the world’s fastest growing mobile commerce market
In North America, 20% of Millenials made a mobile commerce purchase in the past month, with 21% of this demographic doing so in Europe. The Asia Pacific region is home to the largest mobile commerce market where Millenials are active. The report shows that 46% of Millenials in this region have made a mobile commerce purchase in the past month. The report notes that nearly half of China’s Internet users shop online using a mobile device of some kind every month, though India is seeing the greatest rise in mobile shoppers.
Social media continues to have an impact on the mobile shopping space
Social media is playing a major role in the rise of mobile commerce throughout the world. More social media companies are taking steps to embrace mobile payments, introducing new features that allow consumers to make purchases from their platforms. These companies are partnering with online merchants in order to effectively engage mobile consumers that have become enthralled with the notion of mobile shopping.
Semble stores financial information from bank and credit cards. Virtual versions of payment cards are stored within the application in a process that is similar to tokenization. Semble believes that its application will one day replace debit and credit cards. This may eventually become true, as more consumers opt to shop from their mobile devices rather than visit physical stores. A growing number of consumers are also demanding in-store support for mobile payments, which is reducing the use of credit cards and other forms of conventional commerce.