Growth of mobile commerce creates an over abundance of competition
Mobile commerce has grown very quickly over the past few years. Consumers have shown that they are very interested in mobile payments and shopping from their smartphones and tablets, which has lead to a surge in new startups offering services to accommodate this interest. Mobile commerce can be a very lucrative field, but establishing a strong presence in the market has become very difficult for both well established companies and new startups.
Demand for services is high, but so is the supply
The demand for comprehensive mobile commerce services has reached a high point, but no single service has managed to capture the support of the majority of consumers. Instead, many people make use of multiple platforms, using one and moving on to the next very quickly. This is because they have a multitude of options available to them due to the high number of startups that have come to the market to offer their platforms to consumers. This competition may be ideal for consumers, but few startups are managing to find the traction they need to survive due to an over abundance of competition.
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Large companies team to establish formidable presence in mobile market
Even large companies like MasterCard and Vodafone are not immune to competition in the mobile commerce space. These companies have been competing with one another for years when it comes to engaging consumers that are becoming more mobile-centric. Large companies, however, have taken a new approach to the competition issue by partnering with one another or acquiring their much smaller counterparts. Through partnerships, companies like Vodafone, O2, and EE have been able to launch mobile commerce platforms that tap into an existing consumer base.
Making mobile commerce safer and easier may be the key to success
For companies to stand out in the mobile field, they may only need to overcome two deceptively simple challenges: Make mobile payments safer and easier. Security has become a top priority for many consumers when it comes to mobile commerce and many people note that most modern services are either too difficult to use or simply confusing.