Category: Technology News

Study highlights the role that mobile technology is playing with small and medium enterprises

The Boston Consulting Group and Qualcomm have released a new study that suggests that mobile technology has become a growth factor for small and medium businesses. Consumers have begun to rely heavily on their mobile devices, using smartphones and tablets in their daily lives and for much more than communication. The advent of mobile commerce has allowed businesses to connect with consumers in a more dynamic way, and the growing adoption of mobile technology could help these businesses find greater success in the future.

Businesses embracing mobile technology are creating more jobs and finding revenue growth

According to the study, the top 25% of small and medium enterprises reported seeing two times the revenue growth and as much as eight times the number of jobs created through their adoption of mobile technology. These enterprises tend to be leaders in their industries in terms of mobile technology adoption, giving them an edge over their larger counterparts. The study notes that consumers are willing to give up other things just so they can continue to use their mobile devices.

New technology has helped generate 11 million jobs throughout the world

With mobile technology becoming a powerful force among businesses, companies are beginning to take steps to use new technology in order to engage consumers and perform better in their chosen industries. Notably, mobile technology is a growth engine for global employment. According to the study, the mobile sector has created some 11 million jobs throughout the world. Investments in mobile technology have also begun to increase, with the study showing that these investments have doubled.

Mobile apps and content generate billions in revenue in 2014

Mobile applications are particularly lucrative. The study shows that mobile content and applications, combined, generated some $530 billion in revenue in 2014. The retail sale of mobile devices generated $520 billion during last year. Altogether, mobile technologies, and the content associated with them, are estimated to have generated more than $3 trillion in revenue in 2014.

The results of a new study have shown that while this is already expensive, the problem is only going to grow.

A new report has recently revealed the results of a study that has shown that at the moment, fraud in mobile commerce is costing an average of 3 percent of the total revenues of retailers who are selling over this channel.

Moreover, the faster the growth of this ecosystem, the more the cost of fraud is likely to rise, said the study.

This research was conducted for RSA – an encryption vendor – and TeleSign – a vendor of fraud prevention – and it analyzed the responses of 250 different enterprises that had an average revenue of $2.54 billion. Among them, it was determined that the annual loss as a result of fraud over mobile commerce was $92.3 million. In certain cases, the impact of fraud on m-commerce was a s great as 25 percent of the sales of the retailer over that channel.

This mobile commerce study showed a great deal of insight into the impact of fraud on retailers.

The survey was conducted online, and among the respondents, 8.4 said that they had not detected any losses as a result of fraud that had occurred either online or over m-commerce channels. That said, 34 percent of the respondents said that they had lost up to 5 percent of their revenues to fraudulent purchases. Another 13.6 percent claimed that the losses they had experienced from fraud online fell between 11 percent and 25 percent. Just over that amount, 14.4 percent, said that their fraud rate was between 26 and 35 percent. And finally, 11.6 percent experienced a staggering online fraud rate of 36 to 50 percent of revenue over those channels.

Although the overall average losses from fraud was from 6 to 10 percent of online revenues for most companies, when looking specifically at medium sized businesses that had revenues within the range of $500 million to $1 billion, the situation was not as “good”. In that group, the average online rate of fraud was between 11 to 20 percent, according to the research.

When it came to mobile commerce fraud, specifically, it was only the very smallest companies that experienced a rate that was under 10 percent. The average large company lost between 10 and 24 percent of their revenues to fraudulent transactions.