Many consumers have high expectations that have yet to be met
Engaging consumers in the mobile space is proving to be quite difficult, especially where commerce is concerns. Reputation Leaders, an independent research firm, conducted a study between April 29 and May 20 of this year. Some 15,000 people between the ages of 18 and 64 from 15 of the world’s largest markets were surveyed and the firm found that there are significant variances in mobile payment activity throughout the world. The study suggests that consumers in these markets are expecting more from the mobile commerce space, but they are being let down.
Study shows that China leads the way in mobile commerce activity, followed by Russia
According to the study, China leads the way in terms of mobile commerce activity. Some 90% of respondents in China said that they use their mobile devices to purchase products and services regularly. Russia comes in second, with Brazil and Turkey following. Despite the high number of people participating in mobile commerce, the payments process remains somewhat cumbersome. In China, 35% of consumers want mobile payments to be easier than they are currently. If payments were easier, more consumers would likely participate in mobile commerce.
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US consumers want to see more businesses embrace mobile commerce
In the U.S., 54% of respondents to the survey believed that small businesses could benefit from mobile and digital commerce. If mobile payments were easier, more businesses throughout the country may benefit, as cash flow would become smoother and somewhat more reliable. Mobile consumers are a large demographic that is growing quickly. These consumers account for a great deal of commerce potential, but relatively few businesses are engaging these consumers in an effective manner.
Technology could help make commerce more convenient for consumers in general
A similar study from PayPal found that 70% of consumers throughout the world felt that technology could make commerce much simpler than it is currently. Mobile technology, such as QR codes and NFC, could streamline commerce, creating easier ways for consumers to pay for goods and services and take advantage of the convenience of mobile commerce.