Author: Denny

Mobile commerce slated for massive growth

| November 17, 2012

 

IDC Financial Insights report forecasts promising growth for mobile commerce

IDC Financial InsiMobile Commerce Growthghts, a leading analytical research firm, has released a new report that presents a global forecast concerning spending over mobile networks. The report, which is titled “Technology Selection: Worldwide Mobile Payments 2012-2017 Forecast,” sheds some insight on the growth of mobile commerce and what that could mean for the businesses within that burgeoning industry. More consumers and businesses are becoming enthralled over the concept of mobile commerce, and that is expected to have major financial implications for companies deeply involved therein.

Global payments to exceed $1 trillion

According to the report from IDC Financial Insights, global purchase volume through mobile devices will exceed $1 trillion by the end of 2017. The majority of this purchase volume will occur through mobile commerce and e-commerce platforms. Both platforms have proven popular amongst consumers who are interested in paying for products over the Internet and with their mobile device. NFC technology will also experienced robust growth during this period, especially as the retail industry begins to grow more inclusive of mobile commerce.

NFC technology seeing uptick in popularity

The growth of mobile commerce has been held back somewhat due to the lack of NFC-enabled mobile devices. Currently, these devices are in short supply, which is a problem because most mobile commerce platforms rely on the technology to facilitate mobile payments. Mobile payments can still be made through websites, such as Amazon and eBay, but purchases of physical goods with a mobile device remain limited. IDC Financial Insights notes that this is likely to change by 2017, due to the rate at which businesses are adopting NFC technology.

Growth has yet to meet actual potential

The report shows that mobile commerce is poised to see major growth by 2017, but IDC Financial Insights suggests that the gains the industry will see pale in comparison to its actual potential. IDC Financial Insights claims that the $1 trillion in purchase volume from mobile devices that is forecast for 2017 accounts for only 2.5% of the global potential of mobile commerce.

Mobile commerce to play large role in holiday season

| November 14, 2012

 

Wal-Mart sees mobile commerce as a major part of its holiday season

The holiday season is here and tWalmart mobile commercehat is good news for retailers. Thanksgiving and Christmas are two of the biggest holidays for the retail industry because these are days in which these companies see the most traffic, both digital and physical. Retailers have been seeing a growing trend amongst consumers that suggests that mobile commerce is becoming a popular way to purchase products. Wal-Mart, one of the world’s largest retail companies, notes that this interest in mobile commerce is gaining a massive amount of momentum amongst consumers and may have a significant presence during the 2012 holiday season.

Retailer expects sizable portion of traffic will come from mobile consumers

Wal-Mart senior vice president of mobile and digital strategy Gibu Thomas suggests that a sizable portion of the company’s consumers will make purchases from smart phones, tablets, and other mobile devices this year. The retailer has been tracking the growing popularity of mobile commerce within its stores throughout the year and saw significant mobile traffic during the 2011 holiday season. As such, Wal-Mart stores are beginning to find new ways to provide service to consumers that would rather make use of mobile commerce platforms and shopping applications.

40% of shoppers expected to be mobile

Thomas suggests that more than 40% of shoppers visiting Wal-Mart stores will do so electronically during the 2012 holiday season. The retail giant sees this as a promising opportunity and has begun working to revamp its mobile shopping application, which has been downloaded millions of times all over the world. The application will receive updates that will make it more inclusive of mobile commerce and marketing in the hopes of engaging consumers that favor their mobile device over traditional forms of commerce.

Wal-Mart throws more support behind its mobile commerce efforts

Wal-Mart already boasts of a strong Internet presence and has managed to cater well to mobile consumers. Mobile commerce has, however, been relatively low on the retailer’s priority list until very recently. The company is seeing more people adopt mobile commerce platform and is keen to not be left behind by these consumers over a matter of service. As such, Wal-Mart is committed to finding ways to engage these consumers and provide them with services they want to see.