Mobile commerce continues to grow throughout India
As the mobile commerce industry continues to grow, several companies involved therein are beginning to fight to overcome significant challenges that face adoption. Indian companies are beginning to address issues that exist in the market in order to ensure that they can effectively engage consumers. According to recent market analysis, the Indian mobile commerce market is expected to grow by 55% by 2019, reaching $19 billion. Mobile Internet use among Indian consumers is also expected to increase, reaching 120 million users.
Companies are becoming more mobile-centric in order to effectively engage consumers
Those involved in the mobile commerce industry are beginning to look for new ways to provide consumers with convenient and favorable services. This involves a growing focus on mobile applications. In the past, retailers had focused on using e-commerce sites to engage consumers, but the growing prevalence of smartphones is making applications more effective. As such, companies like Flipkart, which is one of India’s largest e-commerce forces, are beginning to become more mobile-centric. Some retailers are going so far as to put their websites to rest in favor of a completely mobile experience.
Mobile wallets are becoming more important
One of the challenges that India’s mobile commerce industry is facing involved cash-on-delivery and cash-back services. These services are quite popular with consumers and businesses alike, but have received relatively little attention in the mobile sector. Mobile wallets are also presenting a challenge for the industry. These platforms allow consumers to store their financial information, as well as the information provided by retailers with loyalty programs.
Security has become a major priority for the mobile commerce industry
Perhaps the greatest challenge facing the industry is security. Because mobile commerce involves the transmission of financial information through mobile devices, it has become a target for malicious groups that wish to exploit this information. Ensuring the security of consumer financial information is becoming a top priority for the industry, and new methods of protection are expected to help the mobile commerce space grow exponentially over the coming years.