Report highlights trends emerging in the Australian mobile sector
Frost & Sullivan has released a new report titled “Australian Mobile Commerce Market 2014.” The report highlights the trends that have emerged throughout Australia and aims to shed some light on the progress that mobile payments have made in the country. Mobile shopping has been growing more popular in Australia recently as more retailers have begun accepting mobile payments. The growth of mobile commerce has been supported by some of the country’s largest financial institutions as well.
Mobile spending to reach $54 billion by the end of 2019 as more consumers engage in mobile shopping
According to the report from Frost & Sullivan, mobile spending in Australia is expected to reach $22 billion by the end of this year. Mobile services account for the majority of this spending, with the purchase of physical goods making up $6 billion of mobile spending. The country’s mobile commerce market is expected to see a compound annual growth rate of 19% from 2014 to 2019. By the end of 2019, mobile spending is expected to reach $54 billion.
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Young consumers are showing that they are eager to shop online and pay for products with their mobile devices
The report notes that 87% of Australians over the age of 15 own a smartphone. Many of these consumers are shopping online from these mobile devices and consumers are showing that they are very willing and eager to participate in mobile shopping. Younger consumers appear to be more comfortable with mobile shopping, while older consumers are more cautious and have expressed concerns regarding mobile security.
Tablets may eventually become the most favored mobile shopping platform among consumers
Notably, tablets are becoming a favorite among mobile shoppers. These devices offer a more enjoyable online shopping experience because of their larger screens. Spending through tablet devices is on the rise and mobile commerce activity on tablets may soon outpace that seen on smartphones. The growing prevalence of free Wi-Fi networks throughout Australia has also encouraged people to shop online more frequently, which has had a significant impact on mobile spending among consumers.