Tag: mobile payments

Challenges keep mobile commerce form going mainstream

| February 14, 2013

mobile commerce challengesWidespread adoption of mobile commerce has yet to be seen

Commerce is changing all over the world, largely due to the advent of mobile technology. Smart phones and tablets had once been considered simple tools to make some aspects of life more convenient for consumers. These technologies have come to inhabit a very important role in society, providing millions of people all over the world with entertainment, organization, access to information, and even a new way to pay for products. Mobile commerce has risen from the importance that mobile technology has established in the lives of consumers, but it has yet to become mainstream.

Consumers show interest in mobile payments, but adoption is still low

Mobile commerce is a relatively new trend in the mobile world. It refers to a consumer making purchases using a mobile device or engaging in other financial services, such as banking. The concept is simple enough and consumers all over the world have shown strong interest in mobile commerce. Much of this enthusiasm has yet to become tangible support, however, as many consumers show that they are interested but unwilling to participate in mobile commerce. There are several factors that contribute to this apparent reluctance.

Poor experiences may dissuade consumers from using mobile commerce services

ForeSee, a marketing analytics firm, suggests that some of the lack of support for mobile commerce being shown by consumers is due to poor experiences with e-commerce platforms. Because most e-commerce platforms were designed before mobile technology became such a widespread phenomenon, they are not optimized to be used on a mobile device. This leads to significant problems when these platforms are accessed by smart phones and tablets, creating a poor experience for consumers. Even platforms that are optimized for mobile viewing suffer from speed problems, making mobile payments very slow and unintuitive for consumers.

Singapore and Hong Kong show most growth in mobile commerce

Because of the problems consumers have been experiencing, mobile commerce has found only moderate success in many parts of the world. The only markets that mobile commerce has seen significant success in are in Asia. According to a report from Neilson, which was commissioned by PayPal, Singapore and Hong Kong have seen the most growth in mobile commerce than any other market in the world. This is partly due to the strong focus on mobile technology that businesses in these markets have, as well as the high number of mobile consumers that live in both regions.

Mobile commerce sees dramatic rise in South Korea

| February 13, 2013

Mobile Commerce South KoreaMobile commerce beginning to blend with social media

Mobile commerce has been booming in several markets around the world recently. Companies are beginning to see the major benefits of engaging mobile consumers and providing them with new ways to purchase products. South Korea has seen significant economic gain through the adoption of mobile commerce recently, especially as businesses throughout the country begin to blur the line between mobile commerce and social media. yStats, a market research and analysis firm, has released a new report concerning the growing trend of social commerce.

Report highlights mobile sales throughout 2012

According to the report, more than three quarters of the South Korean population made use of the Internet in 2012. The vast majority of these people went online to purchase products, as well as engage in social media. The report shows that in 2012, for the first time in the country’s history, more people accessed the Internet through their mobile devices than through traditional computers. Mobile sales in South Korea for the year reached over $10 billion, showing that mobile commerce has established a very strong presence within the country. yStats suggests that social commerce is becoming a very powerful trend in the South Korean market.

Social networks beginning to embrace mobile commerce

Mobile consumers are constantly engaged in social media sites like Facebook and Twitter. While these sites have typically shied away from any sort of commerce, they have been growing more interested in the prospects of mobile commerce in recent years. Facebook, for instance, has been experimenting with ways to allow users to purchase products through e-commerce platforms that can be accessed by a mobile device. Because consumers have a penchant for sharing their interests and connecting with businesses through social media, such services could be very lucrative for companies that have a strong interest in mobile commerce.

Security continues to be a significant issue for consumers

Social commerce is still in its infancy. There are many potential challenges that must be overcome before social networks can fully embrace mobile commerce on any level. One of the most daunting challenges that social media faces is security. Mobile commerce, as a whole, has been plagued by security issues that have caused many consumers to avoid using their mobile devices to purchase products. If social networks can find a way to secure the financial information of their users, mobile commerce may become much more common in the future.