Report highlights that growing smartphone ownership is leading to more growth in the digital commerce space
Transparency Market Research has released a new report concerning the mobile commerce market. The report highlights the fact that the mobile commerce space has experienced strong, continuous growth over the past several years. More consumers are beginning to shop for products online with their smartphones and tablets, and this practice is becoming a very powerful force in the retail industry. In the coming years, mobile shopping and payments will become more commonplace.
People are beginning to use their smartphones for everything, including shopping online
The report notes that the increasing use of smartphones among consumers will add momentum to the growth of mobile commerce. People are beginning to rely on these mobile devices in their daily lives, which makes them more prone to shop online using these devices. One of the factors contributing to the growth of mobile shopping throughout the world is spontaneous need and decision. Consumers are able to satisfy any impulse to purchase products by participating in mobile commerce, where they can find whatever they may be interested in on their phone with relative ease.
Security remains one of the most significant challenges facing the mobile world currently
The report does show that mobile commerce faces challenges, but these issues have not slowed the growth of the mobile sector by a significant degree. One of the most serious challenges that the sector faces has to do with security. Mobile commerce has become a popular target for malicious groups that want to exploit the financial information of consumers. As such, the sector will have to become more resilient to cyber attacks in order to continue seeing success and ensure confidence among consumers.
Emergence of new technology could help the mobile commerce space thrive
New technology may have an impact on the growth of mobile commerce. Biometric technology, which allows consumers to protect their phones with their own fingerprints, could make mobile payments more secure. This would increase consumer confidence in mobile transactions, making them more likely to participate in the mobile commerce market.