Report aims to offer some foresight
Timetric, a business information service firm, has released a new report that aims to provide some foresight into the mobile commerce sector. The report shows that mobile commerce has been experiencing impressive growth around the world, especially in countries where smartphone and tablet penetration is high. More consumers are beginning to rely on their mobile devices in their daily lives, which has exposed them to new forms of commerce that are based entirely on the mobile space. This has caused many businesses to take mobile payments much more seriously than they had in the past.
Businesses are growing more cavalier with their mobile initiatives
The report notes that a growing number of businesses, including financial service firms, are beginning to cater their products to a mobile audience. This involves the adoption of new strategies designed to engage mobile consumers, such as marketing initiatives using quick response codes and other such tools. This has caused a sharp increase in mobile spending as companies hire marketers to develop new, mobile-centric campaigns. Businesses are also turning to third parties to take advantage of the multitude of mobile commerce platforms that have become available.
Social media may be a boon for mobile commerce
The mobile space has become saturated with competition. A vast multitude of companies are vying for the attention of consumers, making it difficult for any one business or service to stand out. In order to gain an edge against the competition, many companies have been turning to social media to engage consumers. Combining social media with mobile payments is a relatively new approach, but it is expected to become more common in the coming years, especially as more consumers show their willingness to shop online and share their purchases with their friends and families.
Security likely to remain a problem for some time
Notably, security remains one of the most problematic issues facing the mobile sector and will likely remain so for the next several years. Developments in cloud technology could help some companies overcome certain security issues in the mobile commerce field, but the threats that exist in the mobile sector will likely evolve at a rapid pace, offsetting advances made in security to some degree.