E-commerce in India is growing quickly, and mobile consumers are adding more momentum to this growth
India’s e-commerce market is booming, and the mobile Internet may be the reasons. According to a new report from eMarketer, 47% of India’s population became smartphone users in 2014. More than half of the country is expected to be mobile by the end of this year. As more consumers gain access to mobile devices, they are beginning to use their smartphones and tablets to shop online for products that they are interested in. As such, mobile commerce has begun to aid the growth of the e-commerce market.
Country’s e-commerce market is expected to hit $7.7 billion by the end of 2015, powered by mobile commerce
With the aid of mobile shoppers, India’s e-commerce market is expected to reach $7.7 billion this year, a 45% increase over 2014. This does not include travel spending, however, which has been growing quickly among mobile consumers. Expanding the country’s mobile Internet capabilities have made it easier for consumers to engage in mobile commerce and shop online with their mobile devices. The convenient nature of mobile commerce has also proven quite attractive to consumers.
Traditional retailers are engaging mobile consumers with augmented reality
The mobile space is not the only thing driving growth in India’s e-commerce market. Traditional brick-and-mortar stores are also driving people to the Internet to purchase products. Many retailers have begun to use augmented reality for their marketing campaigns, which has proven to be quite engaging for consumers. These campaigns offer consumers special deals if they shop online and help raise awareness of stores that are near their location.
India is becoming an attractive mobile commerce market for the retail sector
India is quickly establishing itself as one of the most active and attractive mobile commerce markets in the world. Several payment firms have begun to bring their mobile platforms to the country in order to take advantage of market growth. Several retailers have become more mobile-centric as well, working to engage mobile consumers in a more effective manner than they had in the past.
LoopPay’s new technology is meant to make mobile commerce more accessible to a winder range of consumers and businesses
LoopPay, a mobile commerce firm, may be able to make mobile payments more convenient with its new technology. The firm has developed a small copper loop that is meant to be affixed into a smartphone case or other accessory. When an alternative current is sent through this loop, it can communicate with standard payment systems, such as those used in retail stores to accept credit and debit card payments.
Cooper loop can give nearly any mobile device the ability to make payments in physical stores
The simple copper loop has the potential to make mobile payments much more simpler than they had been in the past. Most modern mobile commerce platforms rely on NFC technology, which allows a mobile device to send digital information over a short distance. In order for retailers to accept NFC-based mobile payments, they must have a point-of-sale system that is equipped with NFC technology. For many retailers, investing in this technology is an expensive endeavor, which is why so many have avoided the mobile commerce field.
New technology could reduce the need for NFC
LoopPay’s new technology can remove the need for these investments, enabling businesses to accept mobile payments with their existing point-of-sale systems. This technology can also provide those without NFC-enabled smartphones a way to pay for products in physical stores without having to use payment cards or physical currencies. These payments would be processed through LoopPay and the simplicity of this service could make the firm much more competitive in the mobile commerce field.
Rumors suggest that LoopPay has begun working with Samsung
Rumors have begun to circulate about LoopPay’s potential partnership with Samsung. According to these rumors, the two companies are working together on a mobile commerce platform that Samsung plans to launch in the near future. Other rumors suggest that the new technology from LoopPay will be incorporated into Samsung’s next smartphone, potentially the Galaxy S6. Neither company has confirmed working together, however, and these rumors remain little more than speculation.
