Emerging markets are beginning to focus more heavily on the digital world, especially where mobile is concerned
Mobile commerce continues to see aggressive growth throughout the world, with much of this growth being driven by emerging markets that have become increasingly focused on the digital space. Mobile commerce now accounts for approximately 7% of all e-commerce sales globally. This an incredible increase over what the mobile sector accounted for in 2010. Over the next three years, the mobile’s share of the e-commerce market is expected to by more than 50%.
Technology firms are becoming more competitive in the mobile commerce space
Many of the world’s leading technology companies began participating in the mobile commerce space in 2013. Some of these companies, such as Google, had actually established a presence in this market in 2011, but struggled to find any momentum due to the relative youth of the mobile commerce concept. These companies have been vying for a share of the lucrative mobile commerce market, which is expected to be worth more than $800 billion by 2018. That year, an expected 1 billion people throughout the world will be making a mobile payment regularly, both in-store and through online channels.
Contextual commerce is becoming a powerful tool for retailers and advertisers
Contextual commerce, which allows consumers to purchase products that are directly connected to their interests and location, is expected to become a more important part of the overall mobile commerce space. The introduction of “buy now” buttons has made it easier for consumers to make purchases with their mobile devices, especially if they encounter advertisements that appeal to their specific interests.
Asian markets are seeing a great deal of success in the mobile commerce space
China, Japan, and India have emerged as some of the world’s fastest growing mobile commerce markets. Japan, in particular, has a long history with mobile shopping, with many retailers having been involved in this space for several years. China is becoming a mobile commerce powerhouse, largely due to aggressive smartphone penetration and large companies, such as Alibaba, showing more support for the mobile space as a whole.