While e-commerce took the commercial world by storm not so long ago, mobile commerce has gone way beyond the boundaries and limitations of e-commerce. Today, mobile commerce benefits multiple industries such as education, commerce, travel and ticketing, entertainment, enterprise resource planning, dispatching and inventory tracking, and traffic. Thanks to the proliferation of technology and the rising popularity of handheld devices, the consumer base of mobile commerce has widened.
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Moreover, with expanding disposable incomes, especially in emerging economies, consumers are more likely to resort to impulse purchases - a habit largely fuelled by online and mobile commerce. Other factors that stimulate the m-commerce market are the availability of cheap technology, growing internet penetration, and thriving online businesses.
On one hand, the slow adoption rate of mobile payments in some regions of the world is a factor that threatens to stall the growth of the mobile commerce market in the larger context. However, many vendors are using this as an opportunity to expand their base and are focusing on increasing awareness regarding mobile wallets and the many benefits it presents. Nevertheless, there are still some restraining factors, as identified by the report. These include lower memory and slow internet speed in some regions, inadequate power of processing, and dearth of mobile literacy.
So far, the U.S. and China have emerged as the strongest national mobile commerce markets. However, with the economic turnover in many countries, widespread growth of the m-commerce industry is imminent.
Companies mentioned in the research report
Judging from the rapid adoption of m-commerce across the globe, it is only natural that the rivalry within the industry should be strong. The presence of a plethora of prominent vendors supports the growth of the mobile commerce market and the contribution of domestic players cannot be ignored as well. Some of the key vendors operating in this space are Best Buy, MasterCard Inc., Google Inc., Netflix Inc., Visa Inc., Groupon, eBay Inc., Bank of America Corp., BlackBerry Ltd., GameStop, PayPal Inc., Apple Inc., Costco Wholesale Corp., Microsoft Corp., Target Corp., Alibaba Group Holding Ltd., and Amazon.com Inc.
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Broadly segmenting the mobile commerce market on the basis of transactions, three key categories may be formed: mobile payments, which include contactless near-field communication (NFC), digital and physical goods, and mobile money person to person (P2P) transfer; mobile ticketing and mobile coupons; and mobile banking.
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