With the exponential growth of the Internet, as well as wireless technologies, a natural marriage seems to have taken place between these two disciplines – consequently giving birth to the ‘Mobile Internet’. Internet on the go has subsequently resulted in the developing of a thriving business opportunity in the form of exciting mobile e-commerce opportunities.
Mobile e-commerce is essentially a secure financial transaction gateway that online buyers can make use of on the go. Currently, conventional internet services are being extended to more mobile friendly buying environments, though it is expected that a range of newer services will be introduced to suit the demands specific to mobile internet users and shoppers.
The widespread usage of mobile devices as given rise to the existence of mobile applications and platforms, which in-turn is driving growth of online shopping. Purchasing, ordering, paying and tracking shipments for physical goods and services from online shops are now made even more convenient.
Competitive companies with the help of mobile e-commerce for shopping have been able to leverage QR code and bar-code technologies to allow shoppers to gain access to product displays, reviews, price comparisons and other vital information that influences buying decisions- on the go. On the other side, consumers now can seek greater value in their purchases; with a greater variety/choice of goods which can be accessed easily across all age groups. This has also led to increased interest and greater conversions for online stores; wherein the retailers can also drive in more brand awareness among their targeted users.
Further, these applications are also being used to confirm receipt of payments for goods purchased in the physical world, hereby significantly simplifying the job of the cashier.
As an extension of internet or home banking, this sector is able to leverage technologies such as digital signatures and certificates to let users manage personal account information; let them transfer funds into bank or prepaid accounts; receive regular reminders for bank information or due payments and to manage electronic payments of invoices.
With access to brokerage and trading applications, it is now possible for users to gain the most recent information on stock prices, event notifications, current portfolio values, and confirmation of trading orders. With digital signatures one can also gain overall assistance in effective investment management.
¬Mobile e-commerce facilitates easy electronic bookings, purchases, invoicing, payments and receipts for events, travel and other forms of transaction that require tickets. Many applications are widely used by public transport agencies, ticketing reservations, theme parks, airline companies and event managers, and much more.
This sector holds promises of exhibiting maximum appeal among mobile e-commerce users. Mobile applications help streamline payment mechanisms, signing of contracts and interactivity in betting features where applicable.
With newer players constantly entering the market to compete with traditional players, the competition in this space is projected to increase tremendously over the next few years. Significant investments are expected to be pumped into the mobile e-commerce space.
It is expected that by 2017, 71.5% of mobile commerce will come from tablets in spite of the higher penetration of smart phones. With mobile users share in online shopping predicted to go by another 10% by 2017, there is no doubt that this platform is here to stay!
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